Buffett on Real Estate – Market is Sick
Warren Buffett, considered one of the great financial minds of our generation, has this to say about the real estate market. It is sick. At the annual meeting of Berkshire Hathaway, the Woodstock for Capitalists as it is frequently known as, Buffett was pessimistic on the short term real estate markets.
The combination of easy money and investors not buying for the pleasure of living in the home but for the opportunity to flip it and make extra money has put the housing industry in a poor position that will remain there for a couple of year.
But Buffett had a decidedly different view about the housing market. He said too many homes were bought by people carrying mortgages with little or no money down who then hoped to flip them quickly for a profit. “The housing market is sick and it’s going to stay sick for a couple of years” he opined. via Money on CNN
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