Home resales in the U.S. probably rose in June and a gauge of the economic outlook improved, signaling the recession may soon be over, economists said before reports this week. Purchases of previously owned homes climbed to an annual rate of 4.83 million, the highest level since October…Mounting evidence that housing is stabilizing is bolstering forecasts that government stimulus efforts will gain traction in coming months and lift the economy from the worst slump in five decades. Other reports may show rising joblessness is weighing on Americans’ moods, tempering optimism about any rebound.

By Shobhana Chandra, July 19, 2009 Bloomberg

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