Problems in the commercial real estate market overshadowed other signs of a recovery in financial markets, according to a Federal Reserve Board report released Wednesday.

The central bank's Beige Book, a report on economic activity in its 12 districts, found that the commercial real estate market weakened in each of its districts over the past three months. In the Boston district, one contact told the Fed that financial volume for small commercial deals was at half the levels of the first quarter.

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