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(SANTA ANA, CA) - Bob Bach, senior vice president and chief economist, Grubb & Ellis Co., reports national existing home sales on an annualized basis have stabilized around the 5 million mark, with short sales and sales of foreclosed properties boosting the totals in California and other hard-hit markets.

New home sales continue to fall, hitting their lowest level since January 1991.

Last week the government announced it will purchase up to $500 billion of home loans and securities backed by home loans and another $200 billion of securities backed by credit cards, auto loans and student loans in an effort to free up credit in these sectors.

Bob Bach

Bach says this program could be expanded to include commercial real estate.

His monthly market analysis is based on data from the Census Bureau, National Association of Realtors and Grubb & Ellis research.

Three new graphics from The Real Estate Capital Institute in Chicago also show:

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