Buffett Says Worst of Housing Crisis Has Passed

New York, NY, Sept. 16, 2009--Warren Buffett told cable station CNBC that the economy hasn't deteriorated but also hasn't improved over the past three months.

He also said he doesn't expect a 'double-dip' recession and sees significant improvement in residential real estate.

In a taped interview, Buffett says he looks at a number of indicators, including data from Berkshire Hathaway companies such as Shaw Industries, and "we have not bounced -- but we've quit going down."

Unless there's some "horrible event," Buffett thinks the odds are "very much against" another significant downturn for the overall economy in the near future.

He also sees signs of life for housing: "I think we're certainly...through the worst of it in residential real estate in all probability. And...the reason is we're building a lot fewer houses and we're...forming households, so that solves itself over time. Doesn't do it in a day or a week, but it solves itself. So we're further on that."

Related Topics:Shaw Industries Group, Inc.