REAL ESTATE & CONSTRUCTION : View Posts

Buyers searching for real estate will find more homes for sale overall, but supply of lower-priced homes is growing more slowly than high-priced homes in most of the country.

-Inventory of all for-sale homes nationwide rose 15.8 percent year-over-year.

-The number of homes for sale in the bottom price tier rose less over the last year than the number in the top price tier in most U.S. metros.

-The U.S. Zillow Home Value Index rose to $177,500 in October, up 6.4 percent year-over-year, the slowest annual pace in the last 12 months.

The number of homes for sale continued to increase across the U.S. in October, a good sign for buyers – but with a catch. In many parts of the country, supply increased more among the most expensive homes than low- and mid-priced homes, according to the October Zillow® Real Estate Market Reports[i].

The inventory of for-sale homes[ii] in the bottom home-price tier rose year-over-year in 68.3 percent of the 353 total metro areas analyzed by Zillow, while inventory in the top home price tier rose in 82.2 percent, or 290 of the 353 markets analyzed. Inventory of all homes for sale nationwide increased by 15.8 percent year-over-year.

In Denver, there were almost four times as many homes available for sale in the upper price tier (priced at $357,900 or more) than there were homes priced in the lowest price tier (less than $219,000).

The same was true in many other markets. Dallas, Atlanta, Phoenix and Nashville had at least two times more homes for sale in the top tier than the bottom tier.

In 25 of the 35 largest metros analyzed, there were more homes for sale this October than last October in all three price tiers. In 14 of those metros, the increase in number of homes for sale was in the double digits in all price tiers.

“Depending on their finances, it’s likely that individual buyers in the same market might be having completely different home buying experiences. Even as conditions improve for buyers overall, it remains a tough row to hoe for first-time buyers and lower-income buyers, especially compared to their more well-off contemporaries,” said Zillow Chief Economist Dr. Stan Humphries. “We expect more demand to come from the lower end of the market in coming years as millennials overtake Generation X as the largest home-buying demographic. As this happens, builders will be forced to build for these more entry-level buyers, and inventory at the bottom tier should improve, however slowly.”

Overall, median U.S. home values rose 6.4 percent from October 2013 and 0.4 percent from September, to a Zillow Home Value Index (ZHVI)[iii] $177,500. Both monthly and annual home value gains were well below the faster paces recorded earlier in the year. Rising inventory and slowing home-value growth are two signs that the housing market is beginning to level off across the nation.

As the market has cooled, buyers looking for less expensive homes did find some relief in the hottest metro areas, including San Diego, Los Angeles and the Bay Area. In San Francisco, the number of low-priced homes on the market rose by 39 percent, but there were fewer high-priced homes on the market. While inventory was still tight there in October, the homes that were available spread evenly across the price spectrum.

National rents were up in October from a year ago, up 3.5 percent to a Zillow Rent Index (ZRI)[iv] of $1,337. Month-over-month, national rents were flat from September.

About Zillow:
Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.

MCLEAN, VA – Freddie Mac (OTCQB: FMCC) today announced that it is increasing investor transparency by adding loan-level actual loss data to its Single Family Loan-Level Historical Dataset.

The enhanced dataset will increase transparency, which helps investors build more accurate credit performance models in support of the company’s Single-Family credit risk offerings.

Quotes
Attribute to Kevin Palmer, vice president of single-family strategic credit costing and structuring for Freddie Mac.

“It is important for investors to have this expanded view of credit risk, especially as we continue to grow and evolve our credit risk offerings. Having data openly available in the marketplace allows us to expand the amount of risk transferred to private investors.”

“We expect to introduce an actual loss credit offering in our ACIS reinsurance and STACR programs next year. We are releasing this data now to give potential credit investors sufficient time to get familiar with Freddie Mac’s actual loss performance.”

News Facts

In addition to such loan level loss information as expenses and recoveries, the dataset contains loan-level credit performance data on 30-year fixed-rate single-family mortgages. It excludes data on adjustable-rate mortgages, balloon mortgages, initial interest mortgages, government-insured mortgages, relief refinancing mortgages (including Home Affordable Refinance Program, or “HARP”) and other affordable or non-standard mortgages.

The dataset covers approximately 17 million 30-year, fixed-rate, single-family mortgages originated between January 1, 1999, and June 30, 2013. Actual loss and monthly loan performance data, including credit performance information up to and including property disposition, is being disclosed through December 31, 2013.

The historical dataset was first made available in March 2013.

The Single-Family Loan-Level Dataset and FAQs are accessible on Freddiemac.com at http://www.freddiemac.com/news/finance/sf_loanlevel_dataset.html

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MCLEAN, VA- Freddie Mac (OTCQB: FMCC) released today its U.S. Economic and Housing Market Outlook for November showing that the home purchase market is expected to continue strengthening along with the broader economy during 2015. A video preview, along with the complete November 2014 U.S. Economic and Housing Market Outlook and forecast table, is available here.

Outlook Highlights

Expect to see interest rates climb throughout 2015, with yields on the 10-year Treasury averaging about 2.9 percentage points, up from about 2.6 percentage points in 2014, and rates on the 30-year fixed mortgage gradually climbing, averaging 4.6 percent and rising to 5.0 percent by the end of next year.
Projecting annual house price gains to slow from 9.3 percent in 2013, to 4.5 percent in 2014 and 3.0 percent in 2015. Continued house price appreciation and rising mortgage rates will dampen homebuyer affordability. Historically speaking, that’s moving from very high levels of affordability to high levels of affordability.
Forecasting total housing starts to increase by 20 percent from 2014 to 2015 and expecting to see total home sales to increase by about 5 percent over that time period to the best sales pace in eight years.
Expect single-family originations to fall an additional 8 percent from 2014 to 2015 to $1.1 trillion annualized as increases in purchase-money lending are insufficient to offset a drop in refinance. Refinance is expected to make up just 23 percent of originations in 2015.
Multifamily mortgage originations have risen about 60 percent between 2011 and 2014, and further increases in volume are anticipated in 2015, up about 14 percent in 2015 over 2014.
Quote
Attributed to Frank Nothaft, Freddie Mac vice president and chief economist.

“The good news for 2015 is that the U.S. economy appears well poised to sustain about a 3 percent growth rate in 2015 — only the second year in the past decade with growth at that pace or better. There are several reasons for the better macroeconomic performance. Governmental fiscal drag has turned into fiscal stimulus, lower energy costs support consumer spending and business investment, further easing of credit conditions for business and real estate lending support commerce and development, and more upbeat consumer and business confidence, all of which portend faster economic growth in 2015. And with that, the economy will produce more and better-paying jobs, providing the financial wherewithal to support household formations and housing activity.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

WASHINGTON, DC – Real economic growth in the U.S. appears ready to exceed 3.0 percent for the second half of the year, providing a sound basis for growth in 2015, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research (ESR) Group. The Group’s macroeconomic theme for 2014, Private Forces Move to the Fore, materialized in the second quarter as reduced fiscal uncertainty and slowing monetary intervention helped private sector momentum to build. Although a variety of factors are slowing growth on a global scale, which may discourage the Federal Reserve Board from making any changes in interest rate policy until Q3 2015, the global economic slowdown has had little negative impact on the fundamentals of the U.S. economy so far.

“Given the expected strengthening economic activity in the U.S. in the second half of the year, we continue to expect to finish just above 2 percent growth for all of 2014,” said Fannie Mae Chief Economist Doug Duncan. “The risks are tilted to the downside due to current geopolitical events in Russia, Ukraine, Hong Kong, and the Middle East, as well as the economic slowdown in the Eurozone, China, and Japan. However, recent data suggest these factors have not significantly swayed American consumers. Real consumer spending is poised to pick up in the second half of 2014 from the first half, due in large part to improving labor market conditions, continued declines in gasoline prices, and a subdued pace of inflation.”

“From a housing perspective, we anticipate that overall home sales will be weaker in 2014 than in 2013. For 2015, we expect only a moderate pickup in total home sales but enough to post the best performance since 2007,” said Duncan. “We lowered our expectation for housing starts just slightly to 1 million units for 2014, but our view of mortgage originations has not changed. Our estimate for 2013 was in line with the recent release of 2013 data under the Home Mortgage Disclosure Act, and our projection of total production in 2014 is little changed at approximately $1.1 trillion. For 2015, we are cautiously optimistic that ongoing labor market improvements, low mortgage rates, rising inventories, and some easing of lending standards will boost home sales by roughly 5.0 percent. However, we still believe housing will continue along its upward grind rather than have the breakout year some are expecting.”

TAYLOR, Mich. — Masco Corporation (NYSE: MAS) today announced its Board of Directors has approved the strategic initiatives recommended by management under the leadership of Keith Allman, its President and Chief Executive Officer.

The strategic initiatives, which are designed to drive shareholder value over the mid- to long-term, are comprised of:
• The spin-off of 100 percent of Masco’s Installation and Other Services businesses (“Services Business”) into an independent, publicly-traded company through a tax-free stock distribution to Masco’s shareholders
• The implementation of a share repurchase program for an aggregate of 50 million shares of Masco’s common stock
• The reduction of corporate expense and simplification of Masco’s organizational structure, resulting in an estimated charge of approximately $30 million over the next several quarters with anticipated company-wide annual savings of $35-40 million

Mr. Allman stated, “Today’s transformative actions reflect our continued commitment to enhance shareholder value through the active management of our portfolio, effective capital allocation, cost control, and organizational focus. As separate companies, both Masco and the Services Business will have greater flexibility to focus on and pursue their respective growth strategies. In addition, the actions we are taking at the corporate office are intended to improve our cost position and drive value across our enterprise. Masco remains committed to creating shareholder value by profitably growing in branded building products.”

Mr. Allman continued, “Over the past several years, Masco has strengthened the Services Business by reducing fixed costs and implementing lean processes to achieve supply chain savings. As such, we believe the Services Business is now properly positioned to operate as a separate company. The Services Business will focus on growth by capitalizing on North American new home construction as well as further expanding into commercial and retrofit categories. Masco shareholders stand to benefit from the additional value created by the spin-off.”

Masco is pleased to announce the Service Business management team:
• Jerry Volas, currently Masco Group President, will become the Chief Executive Officer
• Robert Buck, currently Masco Contractor Services’ President, will become the President and Chief Operating Officer
• John Peterson, currently Masco Contractor Services’ Chief Financial Officer, will become the Chief Financial Officer
All three have extensive industry experience and have been instrumental in positioning the Services Business for growth and profitability.

Masco also announced today that its Board has approved the repurchase of an aggregate of 50 million shares of the Company’s common stock, which represents approximately 14 percent of Masco’s currently outstanding shares. Repurchases are expected to be made over a multi-year period beginning in 2014. The repurchases will be funded through cash on hand and operating cash flow. As of June 30, 2014, cash on hand was $1.4 billion.

Mr. Allman added, “This authorization reflects the Board’s continued confidence in Masco’s future performance, our ability to generate long-term cash flow, the strength of Masco’s liquidity, and our ongoing commitment to create shareholder value.”

The Company will hold an investor day on February 9, 2015 in New York at which time it will discuss its outlook for 2015 and the long-term growth strategy for each of its businesses.

Masco
Following the separation, Masco will continue to be listed on the NYSE under “MAS,” and will remain headquartered in Taylor, Michigan. Masco will continue to build on its leading positions in branded building products.

New Services Business
Masco’s Installation and Other Services segment, which includes Masco Contractor Services, the leading installer of insulation in the U.S., and Service Partners, a leading distributor of residential insulation products and related accessories in the U.S., reported revenue of $1.4 billion in 2013. This segment is comprised of 190 branch locations and 70 distribution centers and its revenue has achieved a compounded annual growth rate of nearly 11 percent since 2010. The Services Business will be headquartered in Central Florida.

Next Steps
The proposed separation is subject to customary conditions, including receipt of any required regulatory approvals, an opinion of counsel regarding the tax-free nature of the separation, the effectiveness of a Form 10 filing with the Securities and Exchange Commission, and final approval by Masco’s Board of Directors. Masco expects to complete the separation by mid- 2015.

About Masco
Headquartered in Taylor, Michigan, Masco Corporation is one of the world’s leading manufacturers of branded building products, as well as a leading provider of services that include the installation of insulation and other building products.

Supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

– See more at: http://masco.com/news/news-stream/masco-announces-strategic-initiatives-to-drive-shareholder-value/#sthash.1vo07jMy.dpuf

MOORESVILLE, N.C – This holiday season, Lowe’s Innovation Labs will introduce two autonomous retail service robots in an Orchard Supply Hardware store in midtown San Jose, California to study how robotics technology can benefit customers and employees.

Called OSHbot, the robots will assist customers to quickly navigate stores by directing them to specific products and providing real-time information about product promotions and inventory. In the coming months, OSHbot will also be able to communicate with customers in multiple languages and remotely connect with expert employees at other Orchard stores to answer specific project questions.

“Using science fiction prototyping, we explored solutions to improve customer experiences by helping customers quickly find the products and information they came in looking for,” said Kyle Nel, executive director of Lowe’s Innovation Labs. “As a result we developed autonomous retail service robot technology to be an intuitive tool customers can use to ask for help, in their preferred language, and expect a consistent experience.”

For store employees, OSHbot will provide an additional layer of support by helping customers with simple questions, enabling more time for them to focus on delivering project expertise. Applications designed to support employees also include real-time inventory management and connecting with employees in other locations to share know-how and answer customer questions.

The OSHbot incorporates scanning technology first developed for the Lowe’s Holoroom home improvement simulator. For example, a customer may bring in a spare part and scan the object using OSHbot’s 3D sensing camera. After scanning and identifying the object, OSHbot will provide product information to the customer and help guide them to its location on store shelves.

The OSHbot was developed through a partnership between Lowe’s Innovation Labs and Fellow Robots, a Silicon Valley technology company specializing in the design and development of autonomous service robots. The partnership was initiated through SU Labs, a Singularity University program that connects corporate innovation teams with startups and other organizations to explore exponentially accelerating technologies and create new sustainable business solutions.

“The last decade was one of rapid technological advancement and prototyping, especially in robotics,” said Marco Mascorro, chief executive officer of Fellow Robots. “With OSHbot, we’ve worked closely with Lowe’s Innovation Labs to take autonomous retail service robot technology out of the sandbox and into the consumer market – enhancing the in-store consumer experience and creating smarter shoppers.”

About Lowe’s
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 15 million customers a week in the United States, Canada and Mexico. With fiscal year 2013 sales of $53.4 billion, Lowe’s has more than 1,835 home improvement and hardware stores and 260,000 employees. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

About Orchard Supply Hardware
Orchard Supply Hardware operates neighborhood hardware and garden stores focused on paint, repair and the backyard. Based in San Jose, California, Orchard was originally founded as a purchasing cooperative in 1931. Today, it operates 71 stores in California and two stores in Oregon. The stores average approximately 36,000 square feet of interior selling space and 8,000 square feet of exterior nursery and garden space. For more information, visit http://osh.com.

About SU Labs
SU Labs, a division of Singularity University, is an open innovation campus where large organizations, startups and field impact partners come to use rapidly accelerating technologies to create new sustainable business solutions and tackle the world’s biggest challenges. Singularity University is headquartered at NASA Research Park in Silicon Valley and offers education programs and innovative partnerships to help individuals, businesses, institutions, investors, NGOs and governments understand and use technology to positively impact billions of people around the world.

About Fellow Robots
Fellow Robots, located in Silicon Valley, is at the forefront of reimagining retail using exponential technologies. Founded in 2012, Fellow Robots presented its first robot concept at the Consumer Electronics Show in 2013. With a diverse team of experts experienced in robotics, software, design and manufacturing, Fellow Robots works closely with its partners to enhance the consumer retail experience through robotics.

SAN JOSE, Calif., — As real estate enters the seasonally slower fall, properties in 12 major metro areas are still selling quickly, less than two months on the market, according to the realtor.com® September National Housing Trend Report released today. These markets also demonstrate strength in standard economic indicators and share unexpected commonalities, including large populations of engineers and baby boomers. The 12 markets include: Oakland, CA; San Jose, CA; San Francisco, CA; Denver, CO; Washington, DC-MD-VA-WV(DC); Seattle-Bellevue-Everett, WA; Houston, TX; Los Angeles-Long Beach, CA; Austin-San Marcos, TX; Omaha, NE-IA(NE); San Diego, CA; and Melbourne-Titusville-Palm Bay, FL. Move, Inc. (NASDAQ: MOVE) operates realtor.com®.

“When we see homes moving quickly in a particular market, we expect the trend to be supported by signs of local health like growth in economic production and employment,” said Jonathan Smoke, chief economist for realtor.com®. “This month, we also observed more out of the ordinary trends including high proportions of math and science professionals, as well as baby boomers in each of the fast moving markets. As the technology industry grows and aging baby boomers decide to make housing moves to support their retirement, we’ll continue to see strong housing demand associated with these factors.”

Income and occupation: Each market can be considered a land of opportunity with higher median incomes and larger proportions of six-figure salaries when compared to national averages. When examining local occupation distributions, these markets have more architects and engineers as well as professionals in the computer and mathematical industries. These fields represent 4.3 percent of occupations across the U.S., but in these markets account for 7.4 percent of careers.

Age demographics: The U.S. population of 65 years and older is forecasted to grow by 18 percent by 2019, which will have significant impact on the real estate market as baby boomers make retirement-related housing decisions. In these markets the population over 65 is expected to see growth between 19 to 35 percent – well above the national average – in the next five years. The Palm Bay market is the only exception with projected growth of 15 percent.

Gross domestic product (GDP): These fast moving markets are in full economic recovery or expansion mode when considering local estimated GDP, employment growth and declines in unemployment. The Washington, D.C. market is the weakest of the 12 markets, but likely due to the impact of sequestration. The Denver, Austin, and Houston areas top the list with the largest gains in GDP and employment.

Population and household formation: All markets showed substantial growth from a population and household formation perspective. With the exception of the Palm Bay market, the population in every market grew faster than the national population between 2010 and 2014. Additionally, when reviewing Nielsen’s five-year population growth forecast, all of the markets have a higher projected population growth than the U.S. overall.

On a national level, median age of inventory is lower than last year with a reduced number of homes on the market. In September, homes spent approximately 90 days on the market, which is three days less compared to this time last year. Median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. According to the National Association of REALTORS®, inventory continued to demonstrate persistently low months’ supply at five and a half months as compared with normal levels of six to seven months. New homes months’ supply was even lower at nearly five months in August.

“To truly relieve the inventory shortage on a sustained basis, new home construction needs to rise by at least 50 percent from the current levels,” said Lawrence Yun, chief economist for the National Association of REALTORS®.

For the complete realtor.com® September National Housing Trend Report, please visit: http://www.realtor.com/data-portal/realestatestatistics

How Data Is Collected

Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory, and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 multiple listing services (MLS). We regularly review and update historical data to provide the most accurate and comprehensive market information. As a result, some markets may be subject to periodic adjustments in data.

For more information about Move, visit www.move.com or one of its many online real estate properties including realtor.com®.

About Move, Inc. and realtor.com®
Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move’s network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation’s leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

New York, NY – News Corp and Move, Inc. (“Move”) announced today that News Corp has agreed to acquire Move, a leading online real estate business that brings consumers and Realtors® together to facilitate the sale and rental of real estate in the United States.

REA Group Limited (“REA”), which is 61.6% owned by News Corp and is the operator of the leading Australian residential property website, realestate.com.au, plans to hold a 20% stake in Move with 80% held by News Corp.

Through realtor.com® and its mobile applications, Move displays more than 98% of all for-sale properties listed in the US, sourced directly from relationships with more than 800 Multiple Listing Services (“MLS”) across the country. As a result, Move has the most up-to-date and accurate for-sale listings of any online real estate company in America. The Move Network of websites, which also includes Move.com, reaches approximately 35 million people per month, who spend an average of 22 minutes each on its sites[1].

Move’s content advantage makes it well positioned to capitalize on the fast-growing US online real estate sector and the world’s largest residential real estate market. More than five million homes in the United States are bought and sold each year, representing more than $1 trillion in annual transaction volume. Agents and brokers are expected to spend approximately $14 billion in 2014 marketing homes (up from approximately $11 billion in 2012), and an additional $11 billion will be spent by mortgage providers[2].

Under the acquisition agreement, which has been unanimously approved by the board of directors of Move, News Corp will acquire all the outstanding shares of Move for $21 per share, or approximately $950 million (net of Move’s existing cash balance), via an all-cash tender offer. This represents a premium of 37% over Move’s closing stock price on September 29, 2014. REA’s share will be acquired for approximately US$200 million. News Corp intends to commence a tender offer for all of the shares of common stock of Move within 10 business days, followed by a merger to acquire any untendered shares.

“This acquisition will accelerate News Corp’s digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio,” said Robert Thomson, Chief Executive of News Corp. “We intend to use our media platforms and compelling content to turbo-charge traffic growth and create the most successful real estate website in the US. We are building on our existing real estate expertise and expect to leverage the potential of Move and its valuable connections with Realtors® and consumers around the country.”

“In addition to boosting Move’s subscription, advertising and software services, this acquisition will give News Corp a significant marketing platform for our media assets, which will benefit from the high-quality geographic data generated by real estate searches,” said Mr. Thomson. “We certainly expect this deal to amount to far more than the sum of the parts.”

“News Corp’s acquisition of Move speaks powerfully to the quality and value of our content, audience and industry relationships,” said Steve Berkowitz, Chief Executive Officer of Move. “We provide people with the information, tools and professional expertise they need to make the best and most informed real estate decisions, and we work to uphold the indispensable role of the professional in the real estate experience. News Corp shares our vision, which is one of the many reasons this combination is such good news for our customers, consumers and the industry as a whole.”

REA Group Chief Executive Tracey Fellows said: “This is a fantastic opportunity for REA Group to invest in a leading player in the largest real estate market in the world. We see strong growth potential for Move, given the size of the US market, the significant proportion of real estate advertising yet to move online, and recent industry consolidation. We believe that our digital real estate know-how, combined with News Corp’s content, distribution and marketing strengths, will be a winning combination for Move and for our shareholders.”

Move has an exclusive, strategic relationship with the National Association of Realtors® (“NAR”), the largest trade organization in the United States, with more than one million members, and NAR has given its consent to the acquisition. Move is focused on providing high ROI for agents and benefits from their invaluable marketing support and high quality listings for vendors and potential purchasers.

“This partnership will help shape the future of real estate,” said National Association of Realtors® President Steve Brown. “News Corp’s ability to reach and engage consumers, combined with realtor.com®’s quality content and the real insights Realtors® provide will transform the current landscape. Working together, Realtors®, Move and News Corp will truly make home happen.”

Move owns ListHub, a digital platform that aggregates and syndicates MLS data to more than 130 online publishers, reaching approximately 900 websites.

The Move audience is highly engaged and transaction ready; over 90% of page views on their websites are on ‘for sale’ properties,[3] helping generate the highest conversion rate of qualified leads in the industry[4]. The connection between agents and customers is strengthened by robust web and mobile-based customer-relationship management offerings to help facilitate transactions. Approximately 60% of traffic for Move websites comes from mobile devices.

For the year ended December 31, 2013, Move reported $227 million in revenues, and $29 million in adjusted EBITDA[5], and generated the highest revenue per unique user in the industry.

Move will become an operating business of News Corp and remain headquartered in San Jose, California. The company, started in 1993, has 913 employees.

Some of the expected key benefits of the transaction include:

Broadened reach for Move through News Corp’s robust platform including WSJ Digital Network (approximately 500 million average monthly page views[6]) and News America Marketing (nearly 74 million households)
Increased sales and marketing support to drive higher brand awareness and traffic
Cross-platform promotion and audience monetization expertise
Leverage of News Corp’s and REA’s real estate and digital expertise to drive improved product innovation, consumer engagement and audience growth
Boost traffic and digital dwell times with high quality News Corp content
###

In addition to its leading position in Australia, REA’s operations and investments include leading online real estate websites in Italy (casa.it) and Luxembourg (atHome.lu) with presence also in regional France. In Asia, REA operates MyFun.com for the Chinese market and squarefoot.com.hk in Hong Kong and recently acquired a 17.22% stake in iProperty, the leading online real estate advertising business across South East Asia.

Along with its connection to REA, News Corp also has substantial expertise in real estate via its newspaper holdings, including The Wall Street Journal and the New York Post. In 2012, the Journal began publishing Mansion, a successful global luxury real estate section, under the leadership of Mr. Thomson, who was then the Journal’s Managing Editor. News Corp’s UK publications also provide readers with online access to home and apartment listings throughout Great Britain. The Times of London’s lucrative Bricks & Mortar section was also commissioned and overseen by Mr. Thomson while he was Editor of that publication.

“We have great faith in America’s potential and the long-term asset value of housing, which is continuing its recovery and has yet to regain its full potency,” said Mr. Thomson. “It is forecast that the number of Millennial households will increase from 13.3 million in 2013 to 21.6 million in 2018, and they will spend more than $2 trillion on home purchases and rent by 2018[7]. Many will begin their search online and use tools and content on realtor.com®. Buying a home is the most important investment decision any family will make.”

The acquisition is subject to the satisfaction of customary closing conditions, including regulatory approvals and a minimum tender of at least a majority of the outstanding Move shares, and is expected to close by the end of calendar year 2014.

Advisors on the transaction include Goldman Sachs, as financial advisor, and Skadden, Arps, Slate, Meagher and Flom LLP, as legal advisor, for News Corp and Morgan Stanley, as financial advisor, and Cooley LLP, as legal advisor, for Move.

WASHINGTON, DC – A recent rebound in business investment has bolstered expectations for solid economic growth during the remainder of 2014, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research (ESR) Group. The robust headline growth in the second quarter was upgraded from 4.0 to 4.2 percent in the government’s second estimate, with contributions from nearly all major GDP components. In addition, recent data through June showed upward revisions on net, suggesting that second quarter growth likely will be revised higher.

“In our September forecast, we see the economy continuing to accelerate toward 3.0 percent growth in the second half of the year, in line with our prior forecast,” said Fannie Mae Chief Economist Doug Duncan. “Business spending and confidence are trending up, and we expect to see a healthy increase in business capital investment in the third quarter following the double-digit annualized gain in the second quarter. Consumer spending fell unexpectedly in July, as more Americans appeared to be building their savings amid weakened income expectations, however a surge in auto sales suggests a reversal in August. If the labor market continues to improve, consumers will likely be more willing to take on additional credit card debt, giving a boost to spending growth. Additionally, a decline in crude oil prices again in August has lowered the cost of gasoline, which we expect to add to disposable income and support spending in the current quarter.”

“Recent housing activity isn’t quite as positive, having shown only lukewarm growth since a promising start to the third quarter, but our forecast is little changed from August,” said Duncan. “Purchase mortgage applications have trended down over the past three months, despite the declining interest rate environment. We believe this suggests a residual conservatism on the part of consumers and supports our view that the pace of growth in the housing sector will be subdued during the remainder of 2014, with modest improvement in 2015.”

For an audio synopsis of the September 2014 Economic Outlook, listen to the podcast on the Economic & Strategic Research site at www.fanniemae.com. Visit the site to read the full September 2014 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary.

GRAPEVINE, Texas –GameStop (NYSE: GME), a family of specialty retail brands that makes the most popular technologies affordable and simple, announced today that its GameStop Technology Institute (GTI) business unit is collaborating with AT&T to further its focus on delivering to its brick-n-mortar retail stores technology advancements that drive positive customer experiences and accelerate the pace of change within the retail industry.

As part of the relationship, GTI is working closely with AT&T to define the technical capabilities required to enable customers to interact seamlessly and responsibly through their electronic devices with digital product promotional materials (e.g., video game trailers, special discounts, etc.) located on store shelves and within identified product communication zones. To accomplish this, the company is utilizing AT&T Network Services, such as AT&T Business Fiber, so GameStop stores have reliable and scalable speeds.

“GTI’s mission is to deliver advanced retail experiences to meet customers’ needs on their terms both in our physical and online stores,” said Jeff Donaldson, senior vice president of the GameStop Technology Institute. “To do this, we require network capabilities that are as innovative as the technological applications we are implementing in our stores. AT&T’s leadership in this area will help address our demanding IT infrastructure needs as we continue to expand technology capabilities within our stores.”

Delivering Rich Video Game Content to Consumer Devices

As GameStop continues to pursue the implementation of innovative applications and technologies to enhance retail interactions, GTI is working to provide the company with the ultra-high bandwidth capabilities and network infrastructure required to support the delivery of rich video game content directly to GameStop customers inside their stores.

The initial focus will be on 36 GTI test store locations in Austin and College Station, Texas. Once implemented, customers will be able to experience how GameStop is utilizing technology to drive one-on-one customer engagement through the delivery of relevant gaming content to their smart devices.

As the fifth largest retailer in the United States and second largest business solutions provider to retailers globally, AT&T brings its experience in mobilizing the world to customers such as GameStop on a daily basis.

“AT&T’s Connected Commerce solutions address challenges faced by retailers in delivering leading customer experiences and providing highly secure and performance-driven enabling infrastructure,” said John Griffin, vice president of AT&T. “We are looking forward to working with GameStop to enhance their retail interactions and enable insights with customer interactions.”

About AT&T
AT&T Inc. (NYSE:T) is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and internationally. With a powerful array of network resources that includes the nation’s most reliable 4G LTE network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services, including eCommerce solutions. A leader in mobile Internet, AT&T also offers the best global wireless coverage, based on offering roaming in more countries than any other U.S. based carrier, and offers the most wireless phones that work in the most countries. It also offers advanced TV service with the AT&T U-verse® brand. The company’s suite of IP-based business communications services is one of the most advanced in the world.

Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/aboutus or follow our news on Twitter at @ATT, on Facebook at http://www.facebook.com/att and YouTube at http://www.youtube.com/att.

© 2014 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T Global logo and other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

Reliability claim based on analysis of independent third party data re: nationwide carriers’ 4G LTE. LTE is a trademark of ESTI. 4G LTE not available everywhere.

About GameStop Corp.
GameStop Corp. (NYSE: GME), a Fortune 500 and S&P 500 company headquartered in Grapevine, Texas, is a global, multichannel video game, consumer electronics and wireless services retailer. GameStop operates more than 6,600 stores across 15 countries. The company’s consumer product network also includes www.gamestop.com; www.Kongregate.com, a leading browser-based game site; Game Informer® magazine, the world’s leading print and digital video game publication; and www.buymytronics.com, an online consumer electronics trade-in platform. In addition, our Technology Brands segment includes our Simply Mac, Spring Mobile and Cricket stores. Simply Mac, www.simplymac.com, operates 33 stores, selling the full line of Apple products, including laptops, tablets, smartphones and offering Apple certified warranty and repair services. Spring Mobile, http://springmobile.com, sells post-paid AT&T services and wireless products through its 238 AT&T branded stores. Cricket Wireless, www.cricketwireless.com, is a new AT&T brand offering pre-paid wireless services, devices and related accessories. We operate 48 Cricket stores in select markets throughout the United States.

General information about GameStop Corp. can be obtained at the company’s corporate website. Follow GameStop on Twitter @ www.twitter.com/GameStop and find GameStop on Facebook @ www.facebook.com/GameStop.

SEATTLE, — Of the nation’s 100 largest metro areas, only a dozen are currently more affordablei than they historically have been for both renters and homeowners, as widespread growth in housing costs continues to outpace wage growth. Nationally, U.S. home values rose 6.5 percent year-over-year in July, according to the July Zillow® Real Estate Market Reportsii, while national rents rose 2.8 percent over the same period.

Rental affordability is currently much worse than mortgage affordability, largely because rents didn’t experience the huge drop seen in home values during the recession, and instead have just kept climbing upward. Nationally, renters signing a lease at the end of the second quarter paid 29.5 percent of their income to rent, compared to 24.9 percent in the pre-bubble period. In 88 of the nation’s largest metro areas, renters should currently expect to pay a larger share of their income toward rent than they would have historically.

Thanks mostly to low mortgage interest rates, affordability of for-sale homes looks much better. U.S. home buyers at the end of the second quarter could expect to pay 15.3 percent of their incomes to a mortgage on the typical home, far less than the 22.1 percent share homeowners devoted to mortgages in the pre-bubble days. As of June, home buyers in just six of the country’s 100 largest metro markets analyzed by Zillow were paying a larger portion of their incomes today than historically in order to buy their area’s median-priced home.

But mortgage rates are expected to rise in the coming year. When mortgage rates hit 5 percent, still very low by historical standards, the number of unaffordable metros for homeowners among the top 100 will more than double, to 13. At 6 percent mortgage interest rates, the number of unaffordable metros will almost double again, to 24.

“The affordability of for-sale homes remains strong, which is encouraging for those buyers that can save for a down payment and capitalize on low mortgage interest rates. But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering” said Zillow Chief Economist Dr. Stan Humphries. “As rents keep rising, along with interest rates and home values, saving for a down payment and attaining homeownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt. In order to combat this phenomenon, wages need to grow more quickly than they are, particularly for renters, and growth in home values will need to slow.”

The median annual income nationwide was $53,216 as of the end of the second quarteriii. But according to the Census Bureau, homeowners and renters make drastically different salaries – homeowners make $65,514 per year, while the typical renter in the U.S. makes just $31,888iv.

In July, median U.S. home values rose 0.2 percent from June, to a Zillow Home Value Indexv of $174,800, the slowest monthly pace of appreciation since February 2012. Looking ahead, for the 12-month period from July 2014 to July 2015, national home values are expected to rise another 2.7 percent to approximately $179,489, according to the Zillow Home Value Forecastvi.

About Zillow, Inc.

Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage , Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.

Zillow.com, Zillow, Zestimate, Postlets, Mortech, Diverse Solutions, StreetEasy, Agentfolio and Digs are registered trademarks of Zillow, Inc. HotPads and Retsly are trademarks of Zillow, Inc.

i Zillow determined affordability by analyzing the current percentage of a metro area’s median income needed to afford the rent or the monthly mortgage payment on a median-priced home or apartment, and compared it to the share of income needed in the pre-bubble years between 1985 and 1999. If the share of monthly income currently needed to afford the median-priced home or apartment is greater than it was during the pre-bubble years, that area is considered unaffordable for typical buyers or renters.

ii The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research/. The data in Zillow’s Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ and www.zillow.com/research/data.

iii Median household income was computed using the latest available data from the U.S. Census Bureau: Current Population Survey, chained forward using the Bureau of Labor Statistics’ Employment Cost Index to the second quarter of 2014.

iv Data obtained from the U.S. Census Bureau, 2012 American Community Survey.

v The Zillow Home Value Index is the median estimated home value for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.

vi The Zillow Home Value Forecast uses data from past home value trends and current market conditions, including leading indicators like home sales, months of housing inventory supply and unemployment, to predict home values over the next 12 months for the nation and for more than 250 markets across the country.

vii The Zillow Rent Index is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.

SOURCE Zillow, Inc.

SAN FRANCISCO, — HotPads™, the leading map-based home and apartment rental search engine and a Zillow® (NASDAQ: Z) company, today announced it has redesigned its popular website and mobile apps to make the experience of searching for a rental faster and easier. With intuitive new features and tools, the HotPads app and search engine allow renters to find their next home in a snap.

HotPads’ new design offers a robust and efficient search experience for renters, especially those in urban areas who are often under pressure to find a home to rent quickly. Focused on speed, HotPads is able to now surface even more information, faster, allowing prospective renters to view all available options in their selected neighborhood or city. New map graphics and larger images make it easier to identify the rental properties of interest. A scrolling home page, expanding search tool and quick links to the most popular cities make the entire search process faster to navigate.

New features were also added, including Rent Zestimates®, the ability to see the estimated market value for an individual home or apartment for rent, and Street View, the ability to view three-dimensional photography of a property’s exterior and surrounding streets without leaving the HotPads site. HotPads also built a rich mobile web experience that acts just like the mobile app so that anyone, regardless of operating system or device, can easily search for their next place to live.

“Rental markets are moving faster than ever, and there is more competition for homes and apartments – especially in urban markets where HotPads’ young, mobile and tech-savvy users tend to live,” said Matt Corgan, HotPads co-founder and general manager. “HotPads has completely revitalized its site with this in mind, including a whole new look and feel, and a user-experience designed to help renters find a place to rent faster by giving them more information, and making that information easier to find.”

Everyone searching for a home or apartment to rent on HotPads, on any device, can quickly and easily access all of the features the site offers to help them find their next home, including:

Map-Based Search: Zoom into neighborhoods to see what’s available, and where the nearest points of interest are.
Rent Zestimates: See Zillow’s estimated monthly rent prices for each property.
Street View: Easily tour building exteriors and surrounding neighborhoods in three-dimensions without leaving the site.
Verified Listings: Identify the qualified listings from the most reputable sources at-a-glance.
One-Click Call: Contact the listing agent or owner directly by phone from the site when browsing from a mobile phone.
Schools & School Boundaries: Search for a home within a particular school zone.
Public Transportation: See which public transportation options, including subway and train stations, are near each listing.
Walk Score® Data: Determine with one look just how walkable, bikeable, and accessible via public transit a home or apartment is.
HotPads is available on the Web and optimized for mobile at hotpads.com. HotPads also operates five popular mobile apps across iPhone®, iPad® and Android®. The HotPads iOS App is available for free from the App Store on iPhone and iPad at http://bit.ly/1oRncPC. The free app for Andriod can be found at http://bit.ly/1kV4ndh.

About HotPads™
HotPads is a leading map-based apartment and home rental search engine, and is a top destination for renters looking to find a home in urban areas. HotPads is an established and significant player in rentals for both consumers and professionals, and offers a robust website and five mobile apps across iPhone, iPad and Android. HotPads is part of the Zillow, Inc. portfolio of brands. The company is based in San Francisco.

MCLEAN, VA– – Freddie Mac (OTCQB: FMCC) released today its U.S. Economic and Housing Market Outlook for August showing the country getting back to a more normalized economy, and therefore expecting to see housing driven once again by fundamentals. The complete August 2014 U.S. Economic and Housing Market Outlook and forecast table are available here.

Outlook Highlights
After several years of weakness we are starting to see the labor market pick up steam having added 230,000 net new jobs on average for the first seven months of this year.
The Census Bureau reported that over the past four quarters, net household formations totaled only 458,000, compared with long-term projections by the Joint Center for Housing Studies of 1.2 to 1.3 million per year.
The number of persons per household has increased by 2.6 percent since 2005, going from 2.69 to 2.76 persons per household. If the persons per household had held steady over that period there would be an additional 3 million households today.
The monthly mortgage payment-to-rent ratio for the U.S. is near the lowest it has been in more than 35 years. Thus, even with some increase in house prices and interest rates, the ratio will remain relatively low.
Latest forecast has economic growth averaging 3.3 percent in 2015 and the unemployment rate continuing to gradually decline. In this scenario, household formations should pick up and housing starts are projected to increase 28 percent over 2014’s pace to 1.3 million starts in 2015.
Quote Attributed to Frank Nothaft, Freddie Mac vice president and chief economist.

“We are getting closer to a more normalized economy, and now we are expecting to see housing driven by fundamentals, and in fact, we’ve already seen this in some markets. The economic growth and labor market gains we saw in the second quarter of this year are projected to continue, strengthening household formations and the housing sector. A recovering housing sector will sustain the rally in homebuilding despite likely increases in long-term interest rates. Increased construction activity will further accelerate the improvement in labor markets and fuel even more household formations and more housing demand. The result is an economy that gradually recovers back towards its potential.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

WASHINGTON, DC – Americans’ attitudes toward the housing market remain mixed, although a steady improvement in their personal financial outlook may bode well for housing in the coming months, according to results from Fannie Mae’s July 2014 National Housing Survey.

“The continued cautious sentiment expressed across the range of consumer indicators this month gives weight to our view that the first phase of the housing recovery is decelerating, and 2014 will be a year of mixed housing outcomes with home prices rising more slowly and home sales falling slightly,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “We have always believed that for the housing recovery to be considered robust, we will need strong and sustained full-time job and income growth. Recent data indicating the creation of more than 200,000 jobs over each of the last six months, combined with this month’s improvement in the share of consumers reporting significantly higher household income than a year ago, does provide some reason for optimism. If these trends continue, they could lead to some upside in housing in 2015.”

On average, consumers’ 12-month home price change expectation dipped again in July, falling slightly to 2.3 percent, and the share of respondents who expect home prices to climb in the next year also continued on a downward trend, falling to 42 percent. Additionally, consumer attitudes about the direction of the economy overall have grown more negative – the share of respondents who believe the economy is on the wrong track increased by 5 percentage points from last month to 59 percent.

However, the gap has narrowed between the share of consumers who say now is a good time to buy a home versus those who say it is a good time to sell, indicating a better balance of supply and demand in the market. In addition, the share of consumers who say their home has increased in value since they bought it rose to an all-time survey high, which suggests a long-term positive trend for household balance sheets that may encourage more potential buyers and sellers to enter the market. Consumers’ rising optimism about their personal financial situation also may foreshadow more positive housing sentiment. Those who say their income is significantly higher than it was 12 months ago increased 4 percentage points to a survey high of 28 percent, while those who say their personal financial situation has gotten worse within the last year declined to a survey low of 17 percent.

SURVEY HIGHLIGHTS
Homeownership and Renting
The average 12-month home price change expectation fell to 2.3 percent.
The share of respondents who say home prices will go up in the next 12 months continued its downward trend, falling to 42 percent. The share who say home prices will go down also decreased—to 8 percent.
The share of respondents who say mortgage rates will go up in the next 12 months fell by one percentage point to 54 percent.
Those who say it is a good time to buy a house fell to 67 percent, and those who say it is a good time to sell a house rose to 43 percent—tying the survey high.
The average 12-month rental price change expectation decreased to 3.8 percent.
The percentage of respondents who expect home rental prices to go up fell to 51 percent.
Half of respondents thought it would be difficult for them to get a home mortgage today.
The share who say they would buy if they were going to move fell slightly to 67 percent.
The Economy and Household Finances

The share of respondents who say the economy is on the wrong track increased by 5 percentage points from last month to 59 percent.
The percentage of respondents who expect their personal financial situation to get better over the next 12 months dropped to 40 percent.
The share of respondents who say their household income is significantly higher than it was 12 months ago increased by 4 percentage point to 28 percent—a survey high.
The share of respondents who say their household expenses are significantly higher than they were 12 months ago fell 2 percentage points to 36 percent.
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the July 2014 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The July 2014 Fannie Mae National Housing Survey was conducted between July 1, 2014 and July 21, 2014. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

MADISON, N.J., – Prudential Real Estate Investors and Kauri CAB Management GmbH today announced the successful sale of a portfolio of 25 residential ‘Altbau’ buildings located within the S-Bahn ring of Berlin for €78.6 million, or about $105 million. PREI® is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU).

The portfolio, with buildings constructed between 1886 and 1913, totals more than 538,000 square feet available to be leased in the districts of Neukölln, Kreuzberg, Schöneberg, Wedding, Tiergarten and Prenzlauer Berg. The transaction comprised the remaining assets acquired through a joint venture that PREI formed in August 2011 with Kauri CAB to invest in residential apartment blocks in Berlin. PREI, which operates as Pramerica Real Estate Investors in Germany, is acting on behalf of institutional investors.

Since 2011, the joint venture amassed 953 apartments, with Kauri CAB sourcing the acquisitions. Kauri CAB also oversaw the day-to-day property management, rental negotiations and refurbishment.

Sebastiano Ferrante, PREI’s head of Germany said, “The sale represents an excellent outcome for PREI and our partner. Most important, this sale confirms the successful track record of European value-added transactions we have made on behalf of our clients for the last 15 years. We intend to leverage this experience to capitalize on future investment opportunities in the German residential sector.”

Hagen Kahmann Genaral Manager of Kauri CAB Management added “We are pleased how this transaction resulted in a win for us in Berlin’s sizable market with a strong rent culture.”

Real estate advisor Angermann and European law firm Beiten Burkhardt acted for the joint venture in the sale.

Kauri CAB Management GmbH, based in Berlin, was formed in 2008. The company provides in-house a full suite of services within the German residential real estate sector; including: deal sourcing, acquisition, debt financing and structuring, asset management, property management, rental optimization and architectural and construction services. The principal has nearly 20 years of experience investing into real estate in Germany, much of that specifically into residential properties in Berlin. The company currently has 18 employees and manages approximately €80mn of predominately residential assets.

PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., the company also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Frankfurt, Lisbon, London, Luxembourg, Munich, Paris, Abu Dhabi, Mexico City, Sao Paulo, Hong Kong, Seoul, Singapore, Sydney and Tokyo. Pramerica Real Estate Investors had gross assets under management of USD $55.8 billion ($41.8 billion net), as of March 31, 2014. For more information, visit http://www.prei.com.

Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

MORGANTOWN, W.Va., — ListHub, the nation’s leading listing syndicator and centralized intelligence platform for the real estate industry, today announces a new relationship with the National Association of REALTORS® (NAR) to guide Realtors® in maximizing their opportunities in the global real estate marketplace. The agreement provides real estate professionals with best-in-class international listing distribution and global education as well as discounts for Realtors® to leverage worldwide advertising exposure available through ListHub Global.

“The prevalence of international investment in the United States presents a tremendous opportunity for Realtors® to expand their market and reach international buyers and investors, if they are prepared to do so,” said Steve Brown, 2014 president of NAR. “This arrangement offers the education and tools to provide global real estate service, as well as an economic advantage for Realtors® to reach the international marketplace through ListHub Global.”

The agreement provides discounts for NAR’s Certified International Property Specialist (CIPS) curriculum, a series of global real estate courses that provide the knowledge, research, network and tools to help Realtors® globalize their business and acquire international clients, for ListHub Global customers. CIPS-certified Realtors® have access to the CIPS Referral Network, comprised of 2,300 elite agents in 45 countries worldwide.

The agreement also provides CIPS designees with a 10 percent discount for the ListHub Global service. The ListHub Global network offers brokers the opportunity to increase global exposure of their listings within a controlled platform, with ListHub’s signature streamlined management, comprehensive data protections and unmatched performance metrics. With the merger of ListHub Global network partners EdenHome and ListGlobally, the ListHub Global network includes more than 70 international property publishers in over 40 countries, reaching 60 million international customers.

Helping Realtors® Become Global Experts

The CIPS program helps Realtors® develop the specialized expertise required in an international transaction, from currency issues and financing to visa and tax laws. The exclusive discounts available through the arrangement with ListHub Global empower Realtors® to invest in the combined resources for an unparalleled market advantage when working with international buyers.

The international market is at peak levels, reaching a record $92.2 billion in sales between April 2013 to March 2014 according to NAR’s 2014 Profile of International Home Buying Activity, released this month. Sales to international clients have jumped 35 percent from the previous period’s level of $68.2 billion.

The report also highlights a substantial increase in sales to buyers from China, increasing from $12.8 billion in the prior period to $22 billion in the 12 months ending in March 2014, and now accounting for nearly 25 percent of total sales to international buyers. Buyers from China generally purchased in higher-priced markets, and 76 percent of reported transactions were all-cash purchases. Appreciation of the Chinese yuan and affordable property contributed to the appeal of the U.S market for many buyers from China, according to the report.

The ListHub Global network includes the leading real estate search website in China, SouFun, which reports more than three million unique visitors each day. Among the site’s 12 million SouFun members, 25 percent have plans to invest in properties outside China within the next three years.

“Buyers from China are predicted to continue to grow in the coming years, yet China’s rigorous Internet regulations limit opportunities to advertise listings in mainland China without working directly with China’s property portals,” said Celeste Starchild, vice president and general manager of ListHub. “ListHub Global allows Realtors® to reach buyers in China within the same secure platform they use for national advertising, in a seamless experience that ensures the data is Multiple Listing Service (MLS)-accurate across the global network of real estate search websites.”

ListHub will host a free, 30 minute webinar July 24 at 4 p.m. EDT. Global Perspectives – Tips for Expanding Your Global Reach will be hosted by ListHub Global Team Leader Aldana Gentinetta and NAR’s Director of Global Marketing and Business Development Katie Stouffs Grimes. The webinar will highlight the latest insights from NAR’s international report and tips for reaching global buyers.

About Move, Inc. and realtor.com®
Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move’s network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation’s leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

SEATTLE and VANCOUVER, British Columbia, — Zillow, Inc. (NASDAQ:Z), the leading real estate and home-related marketplace, today announced it has acquired Vancouver, BC -based Retsly™, a software company that normalizes real estate data from multiple listing services so developers can build data-driven products for the real estate industry. The company also provides MLSs with the tools to manage software applications in their market and ensure their content is being used appropriately. Zillow® is not disclosing the financial terms of the acquisition.

The acquisition of Retsly is an extension of Zillow’s efforts to provide innovative productivity tools to help brokers, agents, franchisors and MLSs be more productive and successful, and is an extension of the widely-adopted Zillow Tech Connect program. Zillow Tech Connect, launched in November 2013, enables leading technology companies to directly integrate with Zillow to help brokers and agents deliver better, smarter services to buyers and sellers.

“Retsly’s platform will spur tremendous innovation in the real estate space, enabling developers to build software that works across MLS boundaries and without the overhead of dealing with local data formats,” said Spencer Rascoff, Zillow CEO. “Retsly’s team and cutting-edge technology is a great fit with Zillow and aligns with our goal to offer great value and services to our industry partners. We’re thrilled to welcome Retsly to Zillow.”

“We are committed to providing the software development community with tools that make it easier to build amazing technology products and applications for real estate professionals,” said Joshua Lopour, co-founder of Retsly. “With Zillow, we look forward to accelerating the growth of a vibrant software community within the industry.”

Retsly, which was founded in 2013, will continue to operate from Vancouver.

This is Zillow’s eighth acquisition, and the sixth of a company that offers a suite of business-to-business tools for local professionals.

(ZFIN)

About Zillow, Inc.
Zillow, Inc. (NASDAQ:Z) operates the leading real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow’s brands serve the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming 83 million unique users in June 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ StreetEasy®. The company is headquartered in Seattle.

SEATTLE, — Zillow, Inc. (NASDAQ: Z), the leading real estate information marketplace, today announced the Northwest Minnesota Association of Realtors has joined the Zillow® Partnership Platform. The Zillow Partnership Platform enables MLS data to be sent directly to Zillow as often as every 15 minutes, ensuring that current, active listings always are up to date, correct and in sync with the MLS data.

“We are exceptionally pleased to see the Zillow Partnership Platform continue to grow with great partners such as the Northwest Minnesota Association of Realtors,” said Curt Beardsley, Zillow vice president of industry development. “It’s encouraging to see that more and more associations and multiple listing services see the value in developing a direct relationship with Zillow and we are excited to offer the brokers and agents of northwestern Minnesota the ability to easily market their listing to Zillow’s ever-growing audience of home shoppers.”

The Northwest Minnesota Association of Realtors’ listings will now be seen across the Yahoo!®-Zillow Real Estate Network, the largest real estate network on the web[i], as well as on Zillow’s popular suite of mobile apps and on HotPads®, AOL® Real Estate, MSN® Real Estate and HGTV®’s FrontDoor®. The Northwest Minnesota Association of Realtors has 187 members and more than 1,330 listings.

Real estate agents from participating brokerages will be prominently displayed as the listing agent on all their listings, be able to receive leads directly from Zillow and have daily reporting access. Participating brokerages will receive attribution, branding and a link back to their website. To learn more about the platform, email partners@zillow.com or call 206-757-4250.

(ZFIN)

About Zillow, Inc.
Zillow, Inc. (NASDAQ:Z) operates the leading real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow’s brands serve the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming 83 million unique users in June 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle.

MADISON, N.J. — Century 21 Real Estate LLC, today announced that more CENTURY 21® affiliated real estate professionals are represented in the National Association of Hispanic Real Estate Professionals’ (NAHREP) Top 250 Latino Real Estate Agents list than any other national franchise brand. In all, the CENTURY 21 brand had three of the top 5 Latino Real Estate Agents, five of the top 25, and 48 of the Top 250 nationwide.

Marty Rodriguez of CENTURY 21 Marty Rodriguez, Glendora, CA, Johnny Rojas of CENTURY 21 JR Gold Team Realty, Garfield, N.J., and Ricardo Acevedo of CENTURY 21 The Acevedo Team, Rancho Cucamonga, CA, were named the No. 3, 4 and 5 top-producing Latino residential real estate agents, respectively, in the United States. Two other notable CENTURY 21 affiliated professionals made the NAHREP Top 25, or the top 10%: Andreina Simmons, CENTURY 21 Beggins, Tampa, FL (#11) and Alicia Trevino, CENTURY 21 Alicia Trevino Realtors Dallas, TX (#22).

“We are extremely proud of the relationship our affiliates have with NAHREP and this recognition. System members like Marty, Johnny, Ricardo, Andreina and Alicia are uniquely positioned to serve the needs of this important community,” said Rick Davidson, president and chief executive officer, Century 21 Real Estate LLC. “Hispanic home buyers are a major force in the housing market. They value homeownership, are driving population and job growth, and have increasing purchasing power.”

“Congratulations to C21® professionals for their success in the Hispanic real estate market and their well-deserved recognition in the ‘Top 250,’” said Gary Acosta, chief executive officer and co-founder, NAHREP. “We are grateful for their long standing support of NAHREP and wish them continued success in serving the fastest growing demographic in the housing industry.”

The news comes on the heels of the launch of Century21espanol.com, the brand’s revamped Spanish language website, designed to connect Spanish-speaking customers with affiliated sales professionals in the CENTURY 21 System who speak Spanish. Century21espanol.com has translated property listings as well as content pages about the home-buying process developed specifically for the Hispanic community. The site features innovative mapping and a robust school experience and is implemented in a manner to better assist Hispanic consumers.

The award-winning CENTURY 21 affiliated agents will be recognized at the NAHREP 2014 National Convention & Latin Music Festival in Los Angeles, California, on October 14, 2014.

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is based in San Diego. The real estate trade organization for Hispanics has more than 21,000 members in 48 states and 40 affiliate chapters.

About Century 21 Real Estate LLC
Century 21 Real Estate LLC (CENTURY21.com) is the franchisor of the world’s largest residential real estate franchise sales organization, comprised of approximately 7,000 independently owned and operated franchised broker offices in 77 countries and territories worldwide with more than 102,000 independent sales professionals. The CENTURY 21® System provides brand marks, marketing, communications and innovative technology solutions that help enable its franchisees and their independent agents to attract and engage prospects, nurture customers, and deliver a positive real estate transaction experience.

The CENTURY 21 Brand, as identified by consumers from a list of real estate agencies in the Millward Brown 2013 Ad Tracking Study, is the most recognized brand name in real estate, and the industry leader in brand awareness – a position it has held since 1999.

C21® System members are active members of the communities in which they live and work, having raised over $108 million in total contributions to Easter Seals since 1979.

Century 21 Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
© 2014 Century 21 Real Estate LLC. All Rights Reserved. CENTURY 21, the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated.

Wells Fargo, NeighborWorks America® and Neighborhood Housing Services of Kansas City, today joined Kansas City, Mo. Mayor Sly James to announce the Kansas City, Mo. Wells Fargo NeighborhoodLIFT® program, an initiative offering $6.65 million from Wells Fargo to boost homeownership and strengthen neighborhoods in the city’s low- and moderate-income areas.

“This public-private partnership will make a significant difference for Kansas City families and neighborhoods, by making homeownership more affordable for people who want to live here,” said Mayor James. “I’ve said many times that we must attract more families to our City and this program will certainly help us do that. I appreciate all the partners in this effort, including Wells Fargo, NeighborWorks America, Neighborhood Housing Services of Kansas City and the Neighborhood and Housing Services Department for helping make responsible homeownership in our urban center possible for more families.”

Of the $6.65 million committed by Wells Fargo, $5.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.

Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Kansas City, Mo. area median income – which is about $83,900 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with Neighborhood Housing Services of Kansas City or another HUD-approved counseling agency.

“Like many cities, Kansas City, Mo. was significantly affected by the housing crisis,” said Kirk Kellner, Wells Fargo’s regional president for Kansas City. “While mortgages are available at relatively low-interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their dreams of owning a home.”

To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.

In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Kansas City, Mo. neighborhoods.

Registration now open for free event July 18-19
The Kansas City, Mo. NeighborhoodLIFT® program will begin with a free homebuyer event on July 18-19 from 10 a.m. to 7 p.m. at the Crown Center located at 2323 McGee St.

Prospective homebuyers can register and learn more about the program at www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant, although walk-ins will be welcome while funds are available. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale.

“This innovative collaboration between NeighborWorks America, our network member Neighborhood Housing Services of Kansas City, and Wells Fargo will put more Kansas City families and individuals on the path to homeownership,” said John Santner, regional vice president, Midwest region, for NeighborWorks America. “The required housing counseling and education classes, provided by certified professionals, have been shown to help homebuyers achieve successful and sustainable homeownership.”

Kansas City, Mo. NeighborhoodLIFT® program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at the July 18-19 event.

Participating homebuyers can obtain mortgage financing from any qualified lender and Neighborhood Housing Services of Kansas City will determine eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Kansas City, Mo. to receive a grant.
“Neighborhood Housing Services of Kansas City is prepared to help families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants,” said Charles Cooper, board chair of Neighborhood Housing Services of Kansas City, Mo. “If your goal for 2014 is to buy a home in Kansas City, Mo., the opportunity is now. Families need to register and get prepared to work with the NHS of Kansas City staff to be first in line to access the down payment grants.”

Kansas City, Mo. is the fifth city in 2014 to receive the NeighborhoodLIFT ® program, and is now one of 27 housing markets across the country that will benefit from a total of $205 million Wells Fargo has committed through its LIFT programs. Since February 2012, LIFT programs have helped create 7,161 homeowners in communities where the programs have been introduced.
About the NeighborhoodLIFT® program
The NeighborhoodLIFT® program is a collaboration between Wells Fargo, the nonprofit NeighborWorks America and local non-profit organizations. The NeighborhoodLIFT program is designed to provide sustainable homeownership initiatives in cities affected by the housing crisis. A video about the NeighborhoodLIFT program is posted on the Wells Fargo YouTube Channel.

About Neighborhood Housing Services of Kansas City and NeighborWorks America
Neighborhood Housing Services of Kansas City is a chartered member of NeighborWorks America, a national organization that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. NeighborWorks America supports a network of more than 235 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit nhsofkcmo.org or www.nw.org to learn more.

About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.