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Local & Regional News
Thu March 13, 2014
Report: Arkansas Housing Market Struggling
The Federal Reserve’s quarterly look at economic conditions in the Little Rock zone shows 45 percent of business contacts surveyed expect employment to increase, while the remaining 55 percent predict no change.
The Burgundy Book offers a comprehensive look at the economic conditions of each of the St. Louis Fed's four zones, including Little Rock.
The Little Rock zone of the Federal Reserve comprises the majority of Arkansas, except northeast Arkansas. The total population is approximately 2.5 million people, including the 710,000 who live in the Little Rock.
The publication also includes data on real estate, and economist Charles Gascon with the Federal Reserve notes housing prices fell compared to a year ago.
"The housing market still remains relatively weak. On the building side of things, building permits were down across most of the zone, while nationally they were up pretty significantly," says Gascon.
The report also shows households in the Little Rock zone reduced their outstanding mortgage debt and credit card balances, but continued to increase car loan debt.