by Jim Christie
California's battered homes market may be hitting bottom, suggesting a national housing recovery may follow, veteran banking analyst Charles Peabody said on Friday, citing a rebound in home sales as renters become owners.
In many parts of California, buying a house, especially at auction, makes more financial sense than paying rent so home sales have been on the rise recently.
“The key is to try to get some stability in the price of homes, which appears to be happening in California,” Peabody, of the independent research firm Portales Partners, told Reuters by phone on Friday.
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