New York Times (03/06/08) P. C8; Grynbaum, Michael M.
The Federal Reserve's February Beige Book report for the first two months of 2008 reveals a slowdown in economic growth nationwide. All of the central bank's 12 districts reported weak commercial and residential real estate markets. The report indicates year-over-year home price declines in excess of 20 percent in Boston, Minneapolis, St. Louis and other areas. Aside from Manhattan's condominium market, all regions recorded drops in home prices. Additionally, the report shows tighter lending standards that have made it harder for individuals and businesses to obtain financing. According to Global Insight economist Brian Bethune, "The February Beige Book adds to the weight of evidence that the economy is struggling with recessionary forces."
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