Federal Reserve: Economy growing at modest to moderate pace across U.S.

Economic activity increased at a modest to moderate pace in April and May according to the latest Beige Book report released today by the Federal Reserve. Residential real estate and construction activity increased in all 12 regional districts.

In the Chicago region, home sales and prices rose along with residential rents. But contacts “noted that the still large number of underwater mortgages, extended foreclosure processes, and low level of new construction meant that the inventory of existing homes on the market was tight and that this was restraining sales.”

Demand for residential construction grew steadily and commercial real estate conditions also improved while vacancy rates remained elevated. Increased leasing demands are driving up commercial rents.

Read the full report for the Chicago District.

 

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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