The power of CONFIDENCE in Forex Trading

contacts perceive that prices are levelling off, despite the fact that one office tower in the city recently sold at a near-record price per square foot. Investment sales demand remains strong in Portland and steady in Hartford, but contacts in both cities report that bidding

has become less aggressive in recent months. Construction activity increased significantly in greater Boston in recent months. Local construction wages are up from a year ago, especially among skilled trade workers such as carpenters (8 percent) and crane operators

(6 percent), according to a contact. The education, health care, hospitality, retail, and office sectors all contributed to Boston's recent construction boom; although construction in Boston's multifamily sector remains robust, its pace of growth is slowing. Construction

is steady in Portland, up modestly in Providence thanks to new institutional projects, and remains slow in Hartford. While some contacts note that construction loans are becoming harder to obtain, other contacts describe the lending environment--particularly for loans

on existing structures--as aggressive, with loans offered at very low spreads over the LIBOR rate. Aside from fiscal stress in Connecticut, the main risks to the outlook cited by contacts are political uncertainty in advance

remains slow in Hartford. While some contacts note that construction loans are becoming harder to obtain, other contacts describe the lending environment--particularly for loans on existing structures--as aggressive, with loans offered at very low spreads over the LIBOR

rate. Aside from fiscal stress in Connecticut, the main risks to the outlook cited by contacts are political uncertainty in advance of the presidential election and national and international macroeconomic risks. Even given the recent increases in office construction

in Boston, contacts do not foresee a glut in office space because construction activity remains low by historical standards and the new buildings are mostly pre-leased.

Residential real estate markets in the First District had a strong start to 2016. For single family homes, closed sales increased in February on a year-over-year basis in all six states. Massachusetts had the most closed sales in the month of February since 2007.

Pending sales for single-family homes also increased consistently from last year. Contacts unanimously cite the mild winter weather and low mortgage rates as explanations for higher-than-usual demand. Additionally, price increases for single-family homes

moderated. While Rhode Island and the Boston area experienced significant increases in median sales price, all other areas saw only small increases or decreases. The market for condominiums also improved relative to last year, though less uniformly than the single-

family market. Both closed and pending condo sales were up in every state but Vermont. Median sales price numbers were mixed, with increases from last year in three states and decreases in three states. Overall, contacts agree that high buyer demand is the main

driver of increased activity. As a contact in Connecticut reports, borrowing power has increased for buyers thanks to low interest rates. This has led to "people entering the market in droves" and "buyers coming out in force" across the First District.

Low inventory continues to affect the First District residential real estate market. For both single-family homes and condominiums, inventory decreased or remained flat year-over-year in every state but Rhode Island. Despite the modest inventory increase in Rhode

Island, our contact says that the "quickening pace of sales is beginning to outstrip supply." All reporting states recorded a decreasing number of days on market and months' available supply of single family homes and condos since