In his take on the housing market, Benzinga reports billionaire real estate tycoon Sam Zell says there are 3-4 million houses in the market not for sale, not foreclosed on, and possibly unoccupied that need to be dealt with in order to have a strong housing market. Noting our society has changed, he says an improving single-family home market does not necessarily mean the rental market is declining. While Zell continues to see apartments as a lucrative market, he thinks it will be 3-4 more years before the dust has been swept away from the housing market as a whole. MHProNews understands Zell’s Equity LifeStyle Properties is the largest owner of manufactured housing and recreational vehicle communities in North America with some 380 communities.
(Photo credit: The Wall Street Journal–Sam Zell)