According to a report from Bloomberg, a Berkshire Hathaway executive, Ron Peltier, thinks that home sales will rebound due to foreclosed homes being liquidated.”The banks still have very large numbers of distressed or foreclosed real estate inventory,” Peltier said. “They are now going to be making those properties available, and given the low inventories across markets, it’s probably a good time to be selling.”
This is good news coming from Peltier, as he is building Berkshire Hathaway’s real-estate brokerage by acquisitions, and understands the business well.
“It’s good timing because the market is, as we said, finally starting to show a pulse,” Peltier told Bloomberg.
Five different banks agreed to pay a combined $25 billion to end federal probes, which is expected to increase foreclosures even more. In expecting the market to rebound, Peltier and the rest of Berkshire Hathaway are apparently building to its housing business.