Yahoo buys more mobile expertise in deal
The price growth is adding momentum in the housing recovery.
SAN FRANCISCO — Yahoo has bought another Silicon Valley mobile startup as CEO Marissa Mayer tries to create more compelling products for smartphones and tablet computers.
Tuesday’s acquisition of OnTheAir follows Yahoo’s recent purchase of a mobile startup called Stamped. In both cases, Yahoo was drawn more by the engineering talent working at the startups than the services that they have been offering.
Yahoo Inc., which is based in Sunnyvale, Calif., didn’t disclose how much it paid for OnTheAir, which is based in San Francisco.
The service enables users to hold online video chats in a talk-show format. Yahoo didn’t say whether it intends to continue OnTheAir’s service.
Yahoo is in the process of closing Stamped’s service just six weeks after announcing that acquisition so the engineers picked up in that deal can focus on other projects.
Five of the 11 Stamped employees used to work for Google Inc., where Mayer was a top executive before Yahoo lured her away to become its CEO in mid-July. WASHINGTON — A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.
Core Logic also said Tuesday that prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer homebuying season.
“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, CoreLogic’s chief economist. “The recovery is geographically broad-based with almost all markets experiencing some appreciation.”
On Wall Street, stocks were little changed Tuesday as budget talks continued in Washington.
The Dow Jones industrial average closed down 13 points at 12,951 after trading in a narrow range of just 82 points. The Standard and Poor’s 500 was down 2 points to 1,407 and the Nasdaq composite was down 5 points at 2,996.
Steady home price increases are helping fuel a housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further.
An ‘under contract’ sign indicates a pending sale at a home in Glen, Ill., one of just five states where home prices declined, another sign that the housing market is enjoying a recovery.