GO
Loading...

California Housing Market at Bottom: Eli Broad

Monday, 30 Apr 2012 | 3:00 PM ET

The California housing market is "bottoming right now," Los Angeles-based philanthropist Eli Broad told CNBC Monday.

Getty Images

"I see fewer foreclosures. ... We have less supply out there, and I think we're going to see the home market turn around in the next six months, the founder of builder KB Home told Street Signs.

Broad, who also founded SunAmerica, now part of American International Group , now heads the $2.1 billion Broad Foundation with his wife, Edythe. He is equally bullish on the U.S. economy.

"We're bottoming out," Broad said. "There are some good sign out there," including slow job creation. "We're going uphill, not downhill."

Broad: Founder of Two Fortune 500 Companies
CNBC's Brian Sullivan speaks to Eli Broad, founder of KB Home and The Broad Foundations, about the economy and his new book, "The Art of Being Unreasonable."

He said Europe is a worry, particularly its effect on U.S. trade. "It will affect a lot of economies, a lot of companies," Broad said.

But it "won't drag us into recession ," Broad added. "I think we're going to muddle out of this."

  Price   Change %Change
AFF
---
KBH
---

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video