In another sign that the housing market may be recovering, Warren Buffet is betting on residential real estate. Buffett's Berkshire Hathaway has purchased Prudential Real Estate and the Prudential Real Estate brand welcomes this new business partner, one of the best in the country.
Berkshire Hathaway chairman and CEO Warren Buffet made the announcement and emphasized his enthusiasm for the nation's top real estate franchise. "Berkshire Hathaway HomeServices is built upon financial strength and leadership," Buffet said. "I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be a part of the new brand."
Berkshire Hathaway HomeServices of America had $32 billion in home sales in 2011 and owns local brokerages with 16,000 real estate brokers in 21 states, according to the AP. Prudential brokers total more than 53,000 in more than 1700 US locations with $72 billion in 2011 sales.
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