The Fed’s Beige Book report came out today, asserting that economic activity continues to increase in the New England region, albeit at a slightly slower pace. But the housing market … well, we’ll leave it to the Feds to describe the situation:
According to contacts, job insecurity and stricter lending requirements among larger banks continue to restrict the flow of buyers into the residential real estate market. At the same time, inventories continue to rise in the region, although most contacts say current inventory levels are not troubling because inventories in the region have been low, limiting the selection for potential buyers.
Contacts anticipate that sales figures in July will show year-over-year increases as the calendar moves beyond the expiration of the tax credit in June last year. Most forecast sluggish activity for the rest of 2011 and do not anticipate a significant increase in buyer activity until 2012 or later. The median sale price of homes is expected to move up or down only slightly over the coming months.