Billionaire and famed real estate investor Sam Zell, Founder & Chairman of Equity Group Investments joined Maria Bartiromo for a " CNBC Exclusive" interview on Wednesday.
Zell thinks "we've passed the worst" on the residential side and the evidence is in prices starting to rise even though foreclosures continue. He expects a recovery in the housing sector to continue throughout this year. While there have been many comparisons made between the residential and the commercial real estate market. Zell said "the housing sector was pushed way out of line and there's no comparison to the extent to which the housing market was over-expanded vs. the commercial real estate market." Perhaps an even bolder comment, Zell said that once the dust settled, "we're going to find that fraud played a very major, major role in the housing side."
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