When the Oracle of Omaha expresses a worry about a particularly industry, it’s usually prudent to listen to what he says.
At his annual shareholders conference this past weekend, Warren Buffett reportedly bemoaned how Wall Street seems to have learned nothing about financial derivatives and expressed concern about the housing market:
Despite dozens of interviews in recent years in which he insisted he was very bullish on housing, Buffett is now pulling back, saying that “housing is not that strong yet; I’m surprised by that.” Buffett should know. His Berkshire Hathaway owns some of the biggest housing-related companies in the world, from Benjamin Moore paints to Shaw carpets.
It sort of shows the difference between the world we live here in Massachusetts versus what others are experiencing elsewhere. The typical Massachusetts resident/future-homeowner would like to see a cooling down in the housing market. Other parts of the nation are still waiting for a recovery.
File under: Go figure