Buffett: Housing market to rebound in a year

By 2011, the real estate bust should be over as demand catches up with supply, billionaire investor Warren Buffett said in his annual letter to Berkshire Hathaway shareholders.
“Within a year or so, residential housing problems should largely be behind us,” Buffett said. “Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.”
Berkshire owns several real estate companies, including a brokerage and Clayton Homes, which constructs pre-fabricated homes. The so-called “Oracle of Omaha” was not as optimistic about high-value houses, nor about homes in areas where “overbuilding was particularly egregious,” saying they will take longer to recover.