While residential real estate remains weak overall, many local markets are showing signs of improvement, according to the Federal Reserve’s Commentary on Current Economic Conditions, also known as the Beige Book.
Sales volume is up, especially in the Fed’s Minneapolis and San Francisco districts, and with the exception of the St. Louis district, sales declines are letting up.
The Fed credited the federal government’s $8,000 first-time homebuyer tax credit for the improvement to the low-end of the residential housing market, especially in its New York, Kansas City and Dallas districts.
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