On Tuesday, Federal Reserve Chairman Ben Bernanke said the economy appeared to be stabilizing, but warned that a real recovery is still months away.

"We continue to expect economic activity to bottom out, then to turn up later this year," Bernanke told the congressional Joint Economic Committee, according to a prepared statement.

Bernanke cited improved sales of existing homes as evidence that things are improving. He said sales have been "fairly stable" since late last year, in part because moderating prices have made homes more affordable.

Credit markets have stabilized in recent weeks allowing more homeowners to refinance their mortgage and stay in their home. This is a postive sign for future stabilization in the housing market.

If you or anyone you know needs assistance with buying a home, selling a home, refinancing, leasing, property management, loan modification or just general real estate questions, please give Josh or Dom a call at 310-459-8191, or drop us an email at info@wsprops.com.

About Westside Properties -

Westside Properties is a full-service real estate boutique offering buyer and seller representation, leasing, financing, property management, home repair and improvement, and loan modification. The agents support one another like a team and each have extensive real estate experience, powerful resources and the connections that you need whether you are looking to buy or sell a home in today's exciting and challenging real estate market.