Buffett and Clayton Respond to the Media

Fox Business interviewed Warren Buffett, of Berkshire-Hathaway, and Kevin Clayton, CEO of Clayton Homes.  Buffett remarked that it is good new housing has not gotten better because of the excess inventory of housing.  He says when new home construction returns, employment will improve more than many people think.  Kevin Clayton says manufactured housing at Clayton is down from its peak of 32,000 units in 2007, but delinquencies have also fallen.  He says one of the unintended consequences of the Dodd-Frank Act will be devastating to manufactured housing because a $200,000 house will be regulated the same as a $50,000 house, and 17 percent of all homes built are under $50,000.  When questioned about the IBISWorld prediction of the total demise of manufactured housing, Clayton says they are basing their prediction on a temporary contraction in the industry.  Manufactured housing will be around forever, he says, noting that 43 percent of all new homes costing under $150,000 are manufactured homes.

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