Magazine article American Banker

TRW Sees California Home Sales Rising for First Time in Five Years

Magazine article American Banker

TRW Sees California Home Sales Rising for First Time in Five Years

Article excerpt

The depressed California housing market, which has been dampening national expectations of a strong year, is showing signs of a revival. Sales this year should be the highest in five years, according to a report from TRW Redi Property Data.

The Riverside, Calif., supplier of real estate statistics expects the sales volume Of new and existing homes to reach 378,000 by year's end, 7.5% higher than in 1993. Sales have been down or fiat since 1989.

Nima Mattagh, a TRW Redi analyst, said the higher volume will help residential lenders to rack up some unexpected business in today's otherwise weak lending environment. TRW expects sales of new homes to jump by a strong 3.5% for the year, Mr. Mattagh said. He said some California areas are improving quite rapidly and that the hardest-hit region, Southern California, is among those showing signs of life.

Mr. Mattagh says home sales in the Anaheim-Santa Ana region should climb by 17. …

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