One of the wealthiest and most influential men in US history, Warren Buffett, was recently noted for saying, “Within a year or so, residential housing problems should largely be behind us. Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.” This was announced in his annual letter to shareholders of Berkshire Hathaway Inc.
As everyone knows, the accelerated decline in the U.S. housing market over the past two years has led to record foreclosures and a surplus of residential real estate. According to Mr. Buffett, he thinks that it will take another year (i.e. 2011) before housing demand catches up with supply. He also says that slowing the production of new homes is one of the fastest ways to bring supply and demand into equilibrium.
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