August 21, 2009 / 3:53 PM / 8 years ago

White House says U.S. housing market bottoming out

WASHINGTON (Reuters) - The U.S. housing market appears to be bottoming out, White House spokesman Robert Gibbs said on Friday after an industry survey showed sales of previously owned U.S. homes jumped 7.2 percent in July.

Gibbs also said President Barack Obama was pleased with the administration's progress in stabilizing the economy but said he would not be satisfied until the economy is back on track.

Reporting by Deborah Charles; Editing by Doina Chiacu

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