Fed Beige Book has some bright real estate spots

Yep, it's actually beige.The June edition of the Fed’s Beige Book (otherwise known as "Summary of Commentary on Current Economic Conditions by Federal Reserve District") — just came out, and it had some things to say about real estate as well as the overall economy.

Here’s the gist for you TL;DR folks:

Residential real estate appears to be improving nationwide, more in some places than others, of course, and "the recovery was characterized as fragile." Apartments in particular were doing well.

Home sales were above year-ago levels in most areas of the country, and several districts, including Richmond, "noted a pickup in the pace of distressed sales."

Speaking of the Richmond district, it reported that "homes were being snapped up as investors become more confident in the housing recovery."

Inventory is down, and prices are mostly unchanged "although reports were mixed."

Commercial real estate conditions improved in most districts — leasing was level or up, powered notably by the technology sector and, in our region, by the energy industry.

Want more than the gist? Head over to the Fed to read the whole thing.

Click here for the nationwide report.

Click here for just the Richmond region, which covers Virginia.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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