Following the bubble, the housing market’s pain has been deep and persistent.
This isn’t merely a cyclical downturn. Even six years after the market peaked, the healing process has not yet begun. The industry isn’t in recession: it’s in a depression.
On Monday, billionaire investor Warren Buffett made this assertion. He’s right, but not for the reason he states. Here’s the Associated Press quoting what Buffett said to CNBC, via Bloomberg:
By digging into the data, the depth of the industry’s problems becomes clearer, but it appears to have little to do with the current supply of homes.
http://www.theatlant…ression/248533/
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