Did the U.S. Housing Recovery Stall?

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July 7 (Bloomberg) -- Zillow CEO Spencer Rascoff, AOL Brand Group CEO Susan Lyne, and Bloomberg’s Brendan Greeley examine how demand drives high-end real-estate prices higher. They speak with Tom Keene and Adam Johnson on “Surveillance.” (Source: Bloomberg)

Realist, to say the least.

Boy, that is for sure.

We keep reading about all these different people in the u.s. to buy and they are not american and how are americans doing?

Traditional american buyers are having a much harder time because there are a lot of cities like miami or tampa where 80% of the transactions in the bottom third price year are all cash.

If you are actually getting a mortgage to buy a home and you are in that price tier, very constrained inventory and there are a lot of cash buyers competing for that and strange inventory.

20% of americans now have negative equity.

The value of what you bring to us is that we are talking manhattan, manhattan, manhattan.

Let's go wider and talk washington.

You see the united states.

How far apart as des moines from what we cover?

We have a late, san francisco, san jose, and orlando, where home values are increasing 15% year-over-year.

But other places, st.

Louis, kansas city, home prices are flat.

Different price tiers there are huge differences as well.

The bottom third of home values are appreciating much more quickly than the top third and that is because there's less inventory.

He talked about detroit and miami.

Do we have a sense of what the long-term strategy is?

Are they going to have a chance to buy back those houses once they have appreciated or are we looking at a move towards rental units?

There is a common misperception, especially in the new york financial committee -- community, about how much of this inventory is going to institutional buyers.

They are buying a very small number of homes relative to the housing pie.

A lot of these buyers in miami, for example, are small.

You could call them institutional investors but they are really small entrepreneurs that are buying five or 10 properties.

At the gate -- they are not the big reits -- i want to talk about the regular american main street.

As the head of the aol brand group, what is your read on how america is doing?

I think that there is definitely more optimism right now that a couple years ago, no question about that.

We have about 150 million people every month in the united states who come and use aol.

They are, if anything, more active now.

There is definitely a shift.

Is there greater advertising coming through?

No question.

Advertisers are moving into 2 different.

You will see fewer of the old display ads and a lot of advertising dollars moving into programmatic, which aol has invested in significant.

Spencer rascoff with us as well from zillow.

Coming up, much more on "bloomberg surveillance."

This text has been automatically generated. It may not be 100% accurate.

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