Real Estate Still Sluggish, Report Says

American Banker (11/29/07) P. 18; Sloan, StevenThe Federal Reserve Beige Book report issued on Nov. 28 finds that the residential property market continues to be "quite depressed." The economic survey points to decreases in consumer-loan credit quality, a surge in mortgage delinquencies, tighter underwriting standards and a drop in demand for mortgage refinancing and other loans. However, the Dallas and Richmond districts expressed increased optimism among lenders; and the New York Fed reported higher condominium sales. Meanwhile, the Kansas City and Denver districts saw housing inventories decline.