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Friday, December 3 2010 - By Kay Lynn Clay
Strong rental demand is helping the market in New York City
The Federal Reserve reported that the nation's real estate market is making a slow recovery in most of its 12 districts, though overall conditions are mixed.
The latest Beige Book report said that most of the central bank's district experienced slow or sluggish real estate activity. Home sales are down in Philadelphia, St. Louis, Atlanta and Minneapolis, while Boston, New York and Richmond reported that their local markets were "soft," said the report. Slow moving activity is also saddling the recovery in Cleveland, Kansas City, Dallas, and San Francisco. Chicago's real estate has specifically been held back by high inventories of unsold homes, which are reducing demand for new construction and dragging down home prices, said the report. Unstable home price activity may also be encouraging more consumers in New York, Richmond and Dallas to consider moving into apartments. The report noted that those cities have enjoyed strong rental demand and concessions are helping to entice tenants there. "People are wondering when the rebound will begin, but there seems to be a new normal, forcing people to adjust," Doug Roberts, founder and chief strategist at Channel Capital Research, told Forbes, calling the report "more of the same." Rental prices in New York City have fallen each month since August, reported Rentjungle.com, which could encourage some buyers to hire moving companies and look for an apartment in the Big Apple. More News |
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