The Federal Reserve’s Beige Book came out yesterday with somewhat encouraging news of a “modest to moderate” economic expansion across the country. Needless to say, we didn’t know there was an apparent difference between “modest” and “moderate” growth, but we’ll take whatever’s better.

Anyway, the housing market continues to be a drag on the economy.

In New England, Greater Boston seems to be doing better than other parts of the region. But it’s still slow going out there, according to the Fed. The Beige Book’s conclusion about the regional housing market:

“Contacts expect sales activity to remain slow in the coming months, but believe prices will stabilize in the region. They do not expect further weakening in the market but also do not anticipate significant recovery in the near term.”