Zell’s Building Up Hope
Is it too early to get excited about real estate?
That’s up to you to decide.
Stability seems to be ‘building’ up on the home front.
The S&P/Case-Shiller home priceindex rose 0.5% in May from the prior month.
That’s the first gain since July 2006.
Real estate mogul Sam Zell told Maria on the Closing Bellthat the U.S. is moving toward and equilibrium where home prices have stopped going down. In fact, Zell says the U.S will see a slow improvement in housing this Fall.
However, not all is ‘rosy’ on the housing front. Zell says commercial real estate is definitely underwater. For investors looking for opportunity, he recommends looking outside the U.S.
His #1 investment location? Brazil.
On the Closing Bell, Zell – the CEO of Tribune – discussed the future of the Chapter 11 company.
Zell told Maria the Tribune bankruptcy will ‘solve problems without destroying the company.’ He also said the print business will not be as big in the future as it was in the past.
For the baseball fans in Chicago, the future of the Cubs remains a key issue. Zell says the sale of the Chicago Cubs – which is owned by Tribune – will be resolved in the very near future. He even said it’s safe to say Incapital Chairman Tom Ricketts remains a key contender for the team.
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