A new Fed “Beige Book” report indicates that the Boston area economy isn’t doing so bad over all – there are some bright spots. On real estate, the Fed sees a not-great outlook with some subtle optimism thrown in.
…contacts observe relative calm among realtors regarding weak sales activity. They understand that the home-buyer tax credit moved sales forward in time, leaving fewer buyers in the market following the expiration of the incentive. Some contacts are optimistic that a recovering economy and low interest rates on mortgages, particularly for buyers with good credit, will draw buyers into the market in the near future…The number of homes and condos on the market increased around the District. A couple of respondents in Massachusetts expect the increased inventory, and resulting greater choice, to lure more buyers to the market