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The Associated Press November 14, 2011, 7:23AM ET

Buffett says US housing business is in depression

Investor Warren Buffett says much of the American economy is performing well, but any business related to residential home construction continues to struggle.

Buffett told CNBC on Monday that housing construction is "in a depression, not a recession" because there is still an oversupply of homes.

Buffett is Berkshire Hathaway's chairman and CEO. He says the reports he gets from Berkshire's businesses show that most sectors are doing quite well, and several of Berkshire's subsidiaries will post record years. But Berkshire's housing-related businesses, like Acme Brick and Shaw Carpet, continue to struggle.

He says he doesn't think the U.S. housing market needs more government stimulus. He says what's needed is for more households to be created and that will happen over time.

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