All 12 Federal Reserve Districts reported expansions in economic activity in the December Beige Book released Jan. 16. The report noted that residential and commercial real estate saw modest growth.

Overall loan demand remained relatively unchanged in the Cleveland, Kansas City, Mo., Philadelphia, Richmond, Va., and San Francisco districts, though demand was slightly up in Atlanta, Chicago, Dallas and New York. Lending demand was down in St. Louis.

The report noted that demand for residential mortgages was up in Atlanta, Chicago, Cleveland, Dallas, Kansas City, Mo., and San Francisco. Lenders are reported to be “competing aggressively” for highly qualified borrowers in Atlanta, Philadelphia, Richmond, Va., and San Francisco.

The Feds noted loosening credit standards in Atlanta because of stiffening competition among lenders. Chicago has also shown some loosening of standards.

Commercial lending was up in some districts, including Cleveland, Dallas, Kansas City, Mo., and New York.

See the Fed Beige Book.