by Calculated Risk on 12/02/2015 02:00:00 PM

Fed's Beige Book "Prepared at the Federal Reserve Bank of Richmond and based on information collected before November 20, 2015. "

The twelve Federal Reserve District reports indicate that economic activity increased at a modest pace in most regions of the country since the previous Beige Book report. Economic growth was modest in the Districts of Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas and San Francisco. In the Minneapolis District the economy grew moderately, while in the Kansas City District growth was steady on balance with mixed conditions across sectors. In the New York District economic conditions leveled off since the previous report, and in the Philadelphia District aggregate business activity continued to grow at a modest pace. In the Boston District, growth was somewhat slower despite reports of revenue increases.

And on real estate:

Housing markets grew at a moderate pace on balance, and home prices also increased modestly since the previous Beige Book. ... Residential construction grew at a modest to moderate pace since the previous report. The Cleveland and Chicago Districts reported moderate growth, while New York, Philadelphia, St. Louis, and Kansas City Districts reported modest growth in residential construction. In the New York and Atlanta Districts, residential construction was noted as steady.

Commercial construction strengthened modestly in most Districts since the previous report. ... Commercial leasing activity generally grew at a moderate pace.
emphasis added

Real Estate growth was modest to moderate ...