June 2016 H OUSING N EWS R EPORT
NEWS BRIEFS
Buffet and Gilbert Bid for Yahoo Berkshire Hathaway chairman Warren E. Buffett and Dan Gilbert, the founder of Quicken Loans and owner of the National Basketball Association’s Cleveland Cavaliers, have teamed up to acquire the struggling internet website Yahoo. private equity firms and telecommunications carrier Verizon Communications, which acquired AOL last year for $4.4 billion. Yahoo, once the world’s largest consumer email service, has struggled in recent years to compete with Google and Facebook. In February, Yahoo CEO Marissa Mayer announced that the company would auction off its internet business and cut 15 percent of its workforce. Buffet, whose Berkshire Hathaway owns real estate brokerage HomeServices of America, has an army of 26,550 real estate agents in 480 offices throughout the U.S. Warren E. Buffett The auction for Yahoo’s assets has been shortlisted to 10 bidders, including several
Millennials Head to the Suburbs According to a new study by the National Association of Realtors (NAR), millennials prefer the suburbs rather than urban living. NAR’s 2016 “Home Buyer and Seller Generational Trends Report” found that 51 percent of millennial home buyers recently purchased a home in the suburbs. NAR found the percentage of millennials purchasing a home in an urban area dropped to 17 percent from 21 percent in 2015, and only 10 percent purchased a multifamily home, down from 15 percent last year. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for themost part pushing their search further out,” said Lawrence Yun, NAR chief economist. The report also found that 35 percent of U.S. home buyers were millennials younger than 35 — the largest demographic group for the third year in a row. According to NAR, the most popular home type was the detached single family home, making up 85 percent of all home purchased.
SOURCE: National Association of Realtors
SOURCE: Reuters
400,000
8.00
TotalForeclosureFilings (RealtyTrac) 30-YearFixedRate (FreddieMac) U.S. Foreclosures and Freddie Mac Interest Rate Data - (2005 - 2016)
350,000
7.00
300,000
6.00
250,000
5.00
200,000
4.00
150,000
3.00
100,000
2.00
50,000
1.00
0
0.00
SOURCES: RealtyTrac, National Association of Realtors, U.S. Commerce Department
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