Great. Sick is an appropriate term to describe the declining 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.
Monday, May 07, 2007
Buffet: "Housing Market is Sick"
Legendary investor Warren Buffet talked about many things recently including housing.
Subscribe to:
Post Comments (Atom)
Posts
Buffet sold all of his residential investment properties in 2005/2006. That definitely tells you how he's voting.
ReplyDeleteGot popcorn?
Neil
I read this yesterday on Fortune. I was going to post about it but I guess you beat me too it. Buffet being a value investor, calling housing "sick", must mean housing isn't currently a value.
ReplyDeletePay no attention to Buffet! Lance knows more than Buffet.
ReplyDeleteDavid,
ReplyDeleteinteresting article in the post on fradulent loans provided by New Century.
http://www.washingtonpost.com/wp-dyn/content/article/2007/05/06/AR2007050601402_pf.html
The market overall is no value, but there is "value" to be had. There are deals out there, you just have to find them.
ReplyDeleteSick is a great term to describe how realtors, builders mtg brokers and FBers feel as sales continue to plunge along with house prices.
ReplyDeleteDavid J. quoted in the Chicago Tribune...
ReplyDeletehttp://www.chicagotribune.com/business/chi-0705050112may06,0,1771689,print.story?coll=chi-business-hed
where is lance by the way? He has been really quiet since YOY sales have sagging further than his man boobs.
ReplyDeleteI don't care about Buffett. What does Lance have to say?
ReplyDelete