The economy got a little boost in October and November that was mostly attributed to an increase in home sales and consumer spending, according to the Federal Reserve’s Beige Book. Nine of the Fed’s 12 regional banking districts showed growth during the time period.
However, the Northeast had notably slow economic growth, which was mostly attributed to the impact of Hurricane Sandy, which struck the region in October. Economic growth was notably slower in New York, Philadelphia, and Boston, which the Beige Book noted also had a slowdown in sales of single-family homes and condos.
Meanwhile, a rise in home prices is helping to lift consumer confidence. The Beige Book notes that the housing market was showing considerable improvement in most areas, with one regional district noting that the Cleveland and Richmond areas were showing strength in sales among high-priced homes. Stronger sales were also reducing home inventories, according to Kansas City contacts.
Economic growth improved in most parts of the country despite the looming “fiscal cliff” and fears of tax increases and spending cuts. Hiring increased in more than half of the districts, according to the Fed.
Source: “Fed Survey Shows Economy Improving in Most Regions,” The New York Times (Nov. 28, 2012) and “Fed: Economy Improves, but ‘Cliff’ Is a Hurdle,” USA Today (Nov. 28, 2012)
2012 has been an amazing year at North Eastern Group Realty. Whereas the Fort Wayne Housing market is up 11% from 2011, our sales are up over 50%! One of the main reasons North Eastern Group REALTORS are enjoying this level of success is that they focus on their clients before, during and after the...
At North Eastern Group Realty we are committed to serving our clients with a whole new level of service and professionalism. We are locally owned and operated, committed to our community, and we will work to maximize the return on your investment! North Eastern Group Realty Associates on average outpace agents of competing companies in:...