It seems, according to BusinessInsider that Pershing Square founder Bill Ackman spent a large portion of CNBC appearance this morning discussing the path of the housing market with Andrew Ross Sorkin. Echoing many investors these days, Ackman suggested that the housing market may have hit a bottom and be in the process of a turnaround. He was very bullish on housing, saying that buying up property is a "great opportunity" right now, and agreed with Warren Buffett's recently publicized investment idea of buying up houses at distressed prices.
"You have housing prices down 30% to 50%, you have interest rates down 30% to 40% from where they were five years ago. So the effective cost of owning a home is the lowest it's ever been," Ackman said. "Rental rates, the apartment rates are trading at very very low yields because rates have gone up 7%, 8%, 9% per annum, so it's cheap to live in a home you own versus an apartment that you rent... The reason people haven't stepped up to buy homes because they are afraid of losing their jobs."
Read all about it at: http://www.businessinsider.com/bill-ackman-heres-what-you-should-be-doing-in-the-housing-market-right-now-2012-3
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