Subprime Woes "Hurt" Housing Says Zuckerman

Mort Zuckerman is not only the owner of U.S. News and World Report and the New York Daily News, he is also a major player in the business world as chairman of Boston Properties. He's also one of the savviest and most successful real estate magnates around. Zuckerman spoke with Bill Griffeth this afternoon on "Power Lunch" about the recent market volatility and the impact it is having on the many businesses that he is involved with.

“Subprime woes are not a buying opportunity”, said Zuckerman when asked about the current subprime meltdown. “Subprime woes restrict an already weakened housing market”, said Zuckerman. He believes that the real risk in housing is adjustable rate mortgages. Griffeth was also able to ask him about Boston Properties. “We are in it for the long-term”, said Zuckerman.