Buffett Says He Was 'Dead Wrong' On Housing Market

Billionaire investor Warren Buffett admits he was "dead wrong" with his prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation's economy.

In his annual letter to Berkshire Hathaway shareholders, Buffett says he's sure housing will recover eventually and help bring down the nation's unemployment rate. But he says he's not sure when.

The admission Saturday was in keeping with Buffett's plainspoken manner.

Buffett also used his letter to praise key Berkshire managers at Geico, General Reinsurance, MidAmerican Energy and Burlington Northern Santa Fe railroad. Those companies are all Berkshire subsidiaries.

They helped Berkshire generate $10.3 billion in net income last year, down from nearly $13 billion in 2010.

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  • by Wolfgang Location: Chocowinity , NC on Feb 26, 2012 at 07:58 PM
    Billionaire investor Warren Buffett when will he admit he was "dead wrong" Backing Obama in the 2008 election. Obama cost him Billions $$$$$ in Stock loss
  • by Ed Location: NC on Feb 26, 2012 at 02:47 PM
    A bad economy to this guy is when Berkshire's net income is down from 13 BILLION TO 10 BILLION from the year before.This liberal joker wouldn't know what a bad economy was to the ordinary american if it slapped him between the eyes.
  • by Shine Location: NE NC on Feb 26, 2012 at 10:16 AM
    He may be keeping the housing market down so that he doesn't have tax liability. If you owe 10,000 the bank own YOU. If you are worth 10 billion YOU own the bank and half of the economy.
  • by Blame Obama Location: Havelock on Feb 26, 2012 at 08:58 AM
    coming from a guy that does not pay that many taxes. If the filthy rich wanted to pay more in taxes they can .right on the tax form. What they dont get there no jobs and jobs that dont pay well, you would need 5 or 6 fulltime jobs at there low pay . Rep and Dem want to cut spending you know what that means Grandma and Grandpa will starve. they make what around 700 to 900 a month yeah lets cut that. they paid into that system and thousads are losing there homes because they cant aford living anymore .So who cares what obama or buffett says take a look around your town and see all they empty stores and empty homes . The working class was what keeps America going but it looks like that time has past.
  • by chris Location: mhc on Feb 26, 2012 at 06:11 AM
    friends in the business say earliest recovery not until 2017. i wonder what gives?
  • by Obama Snake Oil Co Location: Washington on Feb 26, 2012 at 04:42 AM
    A frenzy? According to a family member it should have been a frenzy but he is not seeing it. Apparently, you have to owe a lot of money on your house to qualify for lower interrest or take a loan out for a longer period of time than you have now.
  • by luzjones Location: US on Feb 26, 2012 at 12:14 AM
    We're currently in the midst of the greatest mortgage refinancing frenzy of the past 5 or 6 years. Rates are now the lowest they've been since mid to late 2003, I worked with a company called 123 Refinance I refinanced my current mortgage to 3.12% search online for them if you are planning to do refinance.
  • by Anonymous on Feb 25, 2012 at 05:48 PM
    do you think he's written that check to obama yet.... "to pay his fair share" ??? heck no. He's a liberal supporting obama, plain and simple.
  • by Anonymous on Feb 25, 2012 at 03:50 PM
    The housing market will begin to improve when Barrack Obama is voted out of office in November.
  • by Mike Location: Edenton on Feb 25, 2012 at 03:34 PM
    He's dead wrong on a LOT of things, including the tax issue. What a blow-hard. He says people should pay more taxes while he employs an army of accountants and attorneys to keep from paying more in taxes and his companies owe Uncle Sam over a BILLION DOLLARS in back taxes. I won't go there where he gives money for election campaigns. One can only guess where!
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