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California Housing Market at Bottom: Eli Broad

The California housing marketis "bottoming right now," Los Angeles-based philanthropist Eli Broad told CNBC Monday.

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"I see fewer foreclosures. ... We have less supply out there, and I think we're going to see the home market turn around in the next six months, the founder of builder KB Home told Street Signs.

Broad, who also founded SunAmerica, now part of American International Group , now heads the $2.1 billion Broad Foundation with his wife, Edythe. He is equally bullish on the U.S. economy.

"We're bottoming out," Broad said. "There are some good sign out there," including slow job creation. "We're going uphill, not downhill."

He said Europe is a worry, particularly its effect on U.S. trade. "It will affect a lot of economies, a lot of companies," Broad said.

But it "won't drag us into recession ," Broad added. "I think we're going to muddle out of this."

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