CHICAGO NEWSPAPER MOGUL PREDICTS SPRING 2009 RECOVERY

 

Financial mogul Sam Zell, owner of the Tribune Co., recently told an Israeli business conference that the U.S. real estate market will be in recovery by spring 2009.

Zell blamed the current crisis – at least in part – on ill-considered decisions. Optimistically he shared the fact that the U.S. population is growing and with fewer than 600,000 building starts in 2008, a million fewer than any of the last 10 years, demand for housing will rise.

“We are living through our first Blackberry recession where, literally, information is instantly disseminated around the world and people, in effect, respond to it, perhaps, often without any particular caution or attention,” he said.

Source: www.santamonicapropertyblog.com

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