Another one of those crazy investor types spouts off about the real estate market this weekend:
“What we see in our residential brokerage business [HomeServices of America, the nation’s second-largest realtor] is a slowdown everyplace, most dramatically in the formerly hottest markets. . . . We’ve had a real bubble to some degree. I would be surprised if there aren’t some significant downward adjustments, especially in the higher end of the housing market.” (Warren Buffett)
And yes, it’s a general statement. And no, he didn’t mention the Bay Area specifically.
∙ Buffett: Real estate slowdown ahead [CNNMoney]