GO
Loading...

California Housing Market at Bottom: Eli Broad

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."

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."

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Don Luskin, TrendMacro, and Dan Veru, Palisade Capital Management, share their views on when they expect to see interest rates rise and its likely impact on the markets.

  • The "Squawk Box" crew meets fellow colleague Susan Li, "Squawk Box Asia" anchor. China is back, says Li, discussing the outlook on China.

  • Dan Morgan, Synovus Trust senior vice president compares the performance and outlook on tech giants Hewlett-Packard and Apple. HP is a work in process, and we're still buying Apple stock, says Morgan.