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Published on Saturday, July 05, 2008
By Gregory J. Wilcox
This real estate market collapse is starting to send signals that it will differ from the last one in one key aspect: It may not last as long.
That hope is gleaned from four reports released late last month showing sales have increased for four consecutive months. And there is a strong indication that June's sales will increase from May.
Before a market can recover, it has to find a bottom. Maybe we've seen it.
"Probably by the end of the year we will start to see some stability in the (county's) housing market," said Jack Kyser, vice president and chief economist of the Los Angeles County Economic Development Corp.
Daniel Blake, director of the San Fernando Valley Economic Research Center at California State University, Northridge, says that the string of monthly sales increases is encouraging.
"What it shows on an absolute basis is that more mortgages are being funded and that's really good news," Blake said.
At best this is probably a baby step up from the bottom
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