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Buffett Bets Big On US Houseing Market


Colin Brechbill - Thursday, June 21, 2012


*Buffett bets big on US housing market

*Buffett bets big on US housing market
Warren Buffett, arguably the world’s most famous investor, is looking to take a $3.85 billion bet on a US housing market recovery.

His firm Berkshire Hathaway Inc has submitted a $3.85 billion bid for the mortgage and loan business of bankrupt Residential Capital LLC.

Buffett is taking a “picks and shovels” approach to his investment in a US housing recovery by buying firms he believes will benefit strongly from an upturn without purchasing real estate directly.  He recently bought shares in a large US brick making company.

Encouragingly for agents and developers selling US property internationally, the world’s third richest man told CNBC earlier this year that his preference would be to invest directly in residential US real estate if the administration costs were not prohibitive.

“If I had a way of buying a couple hundred thousand single-family homes and had a way of managing—the management is enormous—is really the problem because they’re one by one.  They’re not like apartment houses.   So—but I would load up on them and I would—I would take mortgages out at very, very low rates,” he said.

The news on the US real estate market is not consistently positive but foreclosure have fallen on an annual basis for 20 straight months, according to RealtyTrac Inc., and home prices jumped 1.8 percent in March, the biggest monthly increase in at least two decades.

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