Berkshire Hathaway’s $1 billion homebuilding investment indicates Warren Buffett’s confidence in a future U.S. housing market rebound.

Housing experts weigh in on the state of mortgage rates and how the Federal Reserve may provide some relief by the end of the year.

The biggest immediate changes will be that different people will be in control of the company's stock portfolio, and Abel will have power over Berkshire's $344 billion cash hoard. However, portfolio managers Ted Weschler and Todd Combs have been managing more of Berkshire's investments as the years have progressed.