Blackstone Rushes $2.5 Billion Purchase as Homes Rise – Bloomberg 01-09-13

Salient to Investors:

Jonathan Gray at Blackstone said the market is moving much faster than anybody thought possible, and housing is much stronger than people anticipated. Blackstone is buying in Atlanta, Chicago, Las Vegas, Phoenix, Northern and Southern California; Miami, Orlando and Tampa, Florida, through foreclosure auctions and short sales.

Anthony Paolone at JPMorgan said the home rental market could total 12 million homes and be double the size of the institutional multifamily market.

The S&P/Case-Shiller index of property values in 20 cities increased 4.3 percent in the 12 months through October. The median economist/analyst expects prices to rise 3.3 percent in 2013 versus a rise of 4.5 percent in 2012.

Read the full article at http://www.bloomberg.com/news/2013-01-09/blackstone-steps-up-home-buying-as-prices-jump-mortgages.html.

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