« RealtyTrac: Foreclosures Rose in October | Main | Loan-Score Uses DU to Access FHA »
November 30, 2007
Beige Book Reports Glut of Unsold Homes
A "glut" of unsold homes is putting downward pressure on prices and construction, while mortgage delinquencies have "increased significantly" in many areas, according to the Federal Reserve Board's Beige Book. The November survey also noted that local contacts generally don't expect a pickup in home construction until well into next year at the earliest. Meanwhile, "residential mortgage lending continued its downward slide," the Beige Book says.
Posted by S. Germain at November 30, 2007 09:32 AM