hahahha..hahahahah....hahahahah...ahahahah Either he is a moron that got lucky in life, a moron that surrounded himself with the best advisors, or a shady bastard that bought a shitload of real estate and is looking to improve the image to encourage people to buy. Gotta love the conservatives!!
One can learn more about what is going on in America's economy at a Hobo camp alongside a railroad culvert than what Sam Zell has to say about it. Its what these Hobo's find in people's dumpsters which tells the story.
A bottom by Spring 2008, come on, thats just too funny, foreclosures are hitting record highs and are expected to move as high as 2 MILLION by the end of 2008. Hundreds of Billions of ARMS have yet to reset. Most equity in housing has been wiped out by the drop in housing and will only hurt the real estate market going foward, there is no bottom coming anytime soon, there is still at least another 10-20% drop in housing prices over the next 12-18 months. To think a bottom in housing is near is foolish talk. Bottom is years away, I dont see any uptick in prices until at least 2012-2013.
Foreclosures will continue to hit record highs because there is a record number of homeowners. The percentage is up 57% YoY - sure that's a lot but nowhere near chicken-little territory. I think there is enough fear in the markets(housing) to start talking about a bottom. Regards,
Is Sam Zell a buyer or seller of stateside assets? I remember a year ago after sellling equity office he was talking about making big investments overseas and getting into the game of building low income housing for emerging markets. Not a bad thought as more and more capital is being allocated by beaurocrats.
IMHO Sam Zell's been a pretty lucky camper most of his career and I say this time he's wrong. Plus, what economics degree does he hold anyway ?