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


Copyright Benzinga. All rights reserved.