Appraisal Matters

The Fed’s Beige Book has some dismal information.  In our back yard (VA,DC,MD) things were stable, but we are starting to see a slip again since no one is loaning on new projects.  This is stagnating the commercial real estate market.

An excerpt on our home region:

5th District: Maryland, Virginia, North Carolina, South Carolina, southern West Virginia, District of Columbia. The economy weakened. Retailers reported slowing sales, increasing layoffs and flat wages. Manufacturers said orders slowed, and were worried about higher prices for raw materials and transportation. Exports grew.

Residential real estate was slow, and commercial real estate weakened. No major construction has been announced recently, and builders were having difficulty financing new projects.

Eileen Simpson