The Fed’s Beige Book reports that the New England region’s housing market “remains subdued.” It’s an odd choice of words. But strangely apt. … Subdued. … Try it out the next time someone asks, “Hey, how’s the housing market going?” Simply respond, “Subdued,” and walk away, as if there’s nothing else to add.
Anyway, here’s an excerpt from the report:
Respondents say housing market conditions have remained largely unchanged in the last several months. Most contacts characterize the market as stable and consistent, but believe the beginning of a recovery remains fairly distant. While low interest rates have made financing more affordable to qualified homebuyers, contacts report tighter credit standards as a constraint.