Warren Buffett sees housing recovery to start within a year

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The news from Warren Buffett’s annual Berkshire Hathaway. In his 2010 letter, Buffett predicted “a housing recovery will probably begin within a year or so.” This year, he admits he was “dead wrong.

Buffett’s Berkshire Hathaway Inc. added about 3,000 jobs last year after cutting more than 20,000 positions in 2009. The Omaha, Nebraska-based company employed about 260,000 people at units from insurance and shipping to consumer goods and energy, Berkshire said in February.

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Every year, thousands of investors flock to Omaha to hear the wisdom of Warren Buffett. capital within Berkshire: Capitalism is about allocating capital, and we can do that without tax consequences.

Warren Buffett: The Oracle Sees the Future.. to continue to be losers in the short-term, but within a year or so, "the residential housing problems should largely be behind us," as the supply.

Hopes are high for a recovery in the housing market. Joe Light, reporter for the Wall Street Journal, surmises that Warren Buffett is betting on a resurgence in housing. Buffett recently made a bid on Residential Capital’s loan portfolio in a bankruptcy court auction. The things working in housing’s favor, according to Light, include new home inventories which, in terms of raw numbers, are at their lowest level in five decades.

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As Bloomberg noted recently, Warren Buffett has said forthright that despite progress, the housing market is far from recovered. Buffett was on the record proclaiming in early 2010 that the housing market would recover within a year or so. While this claim more than halved the genuine recovery time, his prediction was based upon sound fundamentals.

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In his annual letter to Berkshire Hathaway (BRK-A) (BRK-B), Warren Buffett said the light at the end of the housing tunnel isn’t far off: Within a year or so, residential housing problems should.

Yet, the Oracle of Omaha admits that on housing his crystal ball has been cloudy. Last year, Buffett said the real estate market would recover in 2011 or early 2012. While home sales have risen recently, it would be a stretch to call the past year a recovery, and Buffett doesn’t try. "I was dead wrong," he writes.