Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

4 of 7
BACKNEXT
Housing: Building a turnaround
The battered housing market has shown some signs of life as buyers begin to take advantage of low prices, attractive mortgage rates and government incentives. But the foreclosure crisis continues to take its toll.

Sales of existing homes in June rose to a seasonally adjusted annual rate of 4.89 million units. That's up nearly 9% from a rate of 4.49 million units when Obama was inaugurated.

New home sales spiked 11% in June and are up 16.7% since January.

"Housing is actually turning around in many places in the country," said Friedman of Moody's Economy.com. But a recovery will be gradual because of the glut of foreclosed properties weighing on the market, he added.

A record 1.53 million properties were in some stage of the foreclosure process during the first six months of 2009, according to RealtyTrac. The administration's $75 billion foreclosure prevention plan, which got underway in April, has received lackluster reviews so far.



NEXT: Consumers: A slow comeback

Last updated August 05 2009: 9:07 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
America's 12 biggest companies now In the past 6 years, giants like Exxon and Walmart have slid while tech companies have soared. More
'Spotlight' is just the latest edition of newspaper movies Here's a list of the best newspaper movies. More
Most valuable car collection ever auctioned In total, the 'Pinnacle Portfolio' is the most valuable group of cars from one collection ever sold in a single auction. More

Special Offer