Buffett Says Home Building in 'Depression'

Omaha, NE, Nov. 15, 2011 -- Investor Warren Buffett says housing construction is in a depression but said the housing sector doesn't need more stimulus.

Buffett told CNBC on Monday that housing construction is "in a depression" because there is still an oversupply of homes.

Buffett says the reports he gets from Berkshire's businesses show that most sectors are doing well, but housing-related businesses, like Shaw Industries, continue to struggle.

The ultimate solution, Buffett says, is increased household formation, which will spur demand for housing.

Related Topics:Shaw Industries Group, Inc.