Calculated Risk post meister Bill McBride pulls the bullet points necessary out of the monthly Federal Reserve roll-up of its 12 district economic appraisals. This month, regarded as the eve of the great interest rate "lift-off," considerable focus is given to the state and strength of the housing recovery.
Terms in the various reporting districts range from "moderate" to "modest" growth, the latter being fainter and more limited than the former. McBride's highlights:
- Housing markets grew at a moderate pace on balance, and home prices also increased modestly since the previous Beige Book. ...
- Residential construction grew at a modest to moderate pace since the previous report. The Cleveland and Chicago Districts reported moderate growth, while New York, Philadelphia, St. Louis, and Kansas City Districts reported modest growth in residential construction. In the New York and Atlanta Districts, residential construction was noted as steady.