Fed Report: Real Estate Stabilizing in Key Cities

While real estate and other industries remained weak in all 12 of the Federal Reserve districts, there is reason for optimism in several areas, according to the Federal Reserve, which released its periodic “Beige Book” report of economic activity on Wednesday.

In Boston, Fed contacts reported “early signs of improvement” in the residential real estate sector, and the news was equally good in New York where the book said banks are reporting “the most widespread rise in demand for residential mortgages in more than seven years.”

In Richmond, Va., commercial real estate is reporting moderate increases in activity and residential lending is rising because of strong demand for refinancing, the report said. Demand for refinancing is “hard to keep up with,” one of the Fed’s contacts said.

Meanwhile, commercial real estate weakened in Kansas City while residential real estate is holding steady, the report concluded.

Source: The Wall Street Journal, Meena Thiruvengadam

Residential Style- Not your typical Shotgun

FMLS#3756417  949 Beecher Street, Atlanta GA 30310 List price 450K

Architecture Guide:

Tradition has it that if you fire a shotgun through the front doorway of this long, narrow home, the bullet will exit directly through the back door. The style is characterized by a single story with a gabled roof. Shotguns are usually only one room wide, with each room leading directly into the next. Exterior features include a vent on the front gable and a full front porch trimmed with gingerbread brackets and ornamentation. Mail-order plans and parts for shotgun homes were widely available at the turn-of-the-century, making it a popular, low-cost structure to build in both urban and suburban settings