July 27, 2009
Home Sales Up by 11 Percent
KCBS San Francisco
...The sales of new homes this past June were up by the biggest margin in almost nine years...
...Delores Conway of the University of Southern California's Lusk Center for Real Estate says this shows that the government programs are having an effect, but she adds we're not out of the woods yet.
"Unemployment is still rising, the unemployment rate in California is up to 11 and a half percent," Conway said. "People are losing their jobs and this is leading to delinquencies on loans."
Conway says with the stimulus programs helping sell off houses on the market now and reducing inventory, we could eventually see prices begin to stabilize...