From the latest Federal Reserve Beige Book. Tracks pretty well with what we're seeing in the better areas of So Cal. - David
FRB: Beige Book--San Francisco--October 21, 2009: "Real Estate and Construction
Reports suggested that demand for housing continued to improve slowly, while demand for commercial real estate eroded further. The pace of home sales picked up further in parts of the District, accompanied by rising prices in some cases.
However, the momentum for recovery has been undermined by ongoing increases in foreclosure rates, which have slowed the decline in the inventory of available homes. As a result, new home construction continued at a very slow pace throughout the District, and industry contacts noted little or no prospect for a significant pickup in the near term. Conditions continued to deteriorate in the commercial real estate market: demand for office and industrial space fell further, and financing for new development and purchases reportedly remained 'frozen.'"
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