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» VISIT US ONLINE @ DSNEWS.COM Instead of workIng for your Investor, why not become one? Residential RecoveRy PaRtneRs - the PRogRam the Program has been created by Residential Recovery Partners to allow residential brokers/agents, investors or rehabbers ("Partners") to more fully take advantage of residential real estate buying opportunities in their local market. the program is designed for entrepreneurial minded individuals who would like to personally participate in the upside potential of buying opportunities they identify in their market with no financial risk. how does the Program work? you find a property we purchase the property we fund the rehab/carrying costs property sellsWe sPlIt the profits you manage the rehab » no financial risk to you » you profit from the properties you source » We provide the capital, you provide your market expertise and management skills contact Residential Recovery Partners for more details at info@resrecovery.net. BEIGE BOOK AGAIN SEES MODEST TO MODERATE GROWTH By Mark Lieberman, Chief Economist of the Five Star Institute Citing improvements in manufacturing, tourism, commercial and residential real estate, and in the financial sector, the Federal Reserve said the nation's economy "continued to increase at a modest to moderate pace" from late May through early July. The assessment in the periodic Beige Book was tempered by "mixed" conditions in the agricultural sector and the absence of improvement in labor markets. "Hiring," the Beige Book said, "held steady or increased at a measured pace." The Beige Book, formally the "Summary of Commentary on Current Economic Conditions by Federal Reserve District," is issued eight times a year, about two weeks before each meeting of the Federal Open Market Committee (FOMC), the Federal Reserve's policy setting arm. Residential real estate activity, according to the latest Beige Book release, "increased at a moderate to strong pace in most districts" and "most districts reported increases in home sales." Home prices, the Beige Book said, "increased throughout the majority of the reporting districts," with Boston, New York, Richmond, Atlanta, Minneapolis, Kansas City, and Dallas noting "low or declining home inventories and upward pressures on home prices in some areas." Residential construction activity "also improved moderately across the districts." The report said "commercial real estate market conditions continued to improve across most districts" with "modest to moderate improvements" in non-residential real estate activity in New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco. Dallas reported "strong growth in leasing activity for office and industrial space," and Boston and Richmond reported that "commercial real estate conditions were holding steady or improving." Banking conditions were also said to have improved during the reporting period. "Some bankers in the Cleveland, Chicago, and Dallas districts noted competitive pressures to reduce loan pricing," according to the Beige Book. At the same time, "bankers in the Philadelphia, Richmond, Cleveland, Atlanta, and Chicago districts noted a shift toward new home mortgages and away from refinancing (which was led, in part, by increases in interest rates)." Breaking down the results district-by-district, bankers in the New York area reported mixed but generally steady loan demand and further declines in delinquency rates as both commercial and residential real estate markets continued to firm throughout the region. Philadelphia contacts said lending firmed up to a modest rate of growth, and the growth rate of residential construction and existing home sales continued "at a moderate pace." The fourth district, Cleveland, experienced a pickup in residential construction hiring, as did the seventh district, Chicago. In the Richmond region, construction increased, along with residential real estate sales, though some contacts reported a return of "speculative building." Reports from brokers and builders in Atlanta indicated increased home sales and prices, along with declining home inventories. In the St. Louis district, residential and commercial real estate market conditions continued to improve. At the same time, lending at a sample of small and midsized region banks increased from midMarch to mid-June. Minneapolis contacts reported area residential real estate markets were growing "at a robust pace," along with residential construction. The Kansas City district likewise cited "strong" residential real estate activity. Demand for housing strengthened in both the Dallas and San Francisco districts. 79