On CNBC's Squawk Box this morning, real estate billionaire Sam Zell (notably on the board of Equity Residential (NYSE: EQR [FREE Stock Trend Analysis])) spoke on a topic few others can rival him on: the housing market.
Here are some highlights:
We have an environment where we think if we cheer loud enough, the market will improve.
3-4 million houses out there are not for sale, are not foreclosed, and possibly un-occupied. These houses need to be dealt with before we have a truly strong housing market.
Doesn't think there is evidence to show that if single family housing is improving, that rental housing is declining. We live in a new style of society.
Continues to be very bullish on apartments, but not single family homes.
It looks like we have 3-4 more years of unscrambling to do in the housing market
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