Fed Offers Some Positive Economic News

The Federal Reserve says it's “cautiously positive” about the economy in its widely watched regular report called the Beige Book. Eleven of the Fed’s 12 regions called economic activity in the area are “stable,” “showing sings of stabilization,” or “firmed.” Analysts said the economy is growing in the third quarter at an annual rate of 3 percent to 4 percent because businesses are spending more. But the market for homes continues to be weak. In most areas, buyers are first timers and others purchasing the lowest-cost properties. Philadelphia was an exception: Sales there are up even for expensive homes. In the commercial real estate market, sales were down, and construction was off in all parts of the country. Source: The Associated Press, Jeannine Aversa (09/09/2009)