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March 01, 2010 11:30AM Warren Buffett By 2011, the real estate bust should be over as
demand catches up with supply, billionaire investor Warren Buffett said in his annual letter to
Berkshire Hathaway shareholders. "Within a year or so, residential housing problems
should
largely be behind us," Buffett said. "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." Berkshire
owns several real estate companies, including a brokerage and Clayton Homes, which
constructs pre-fabricated homes. The so-called "Oracle of Omaha" was not as optimistic
about high-value houses, nor about homes in areas where "overbuilding was particularly
egregious," saying they will take longer to recover. [Business Week]
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