Oct. 13 (Bloomberg) -- A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.
The housing market is being held back by high unemployment and tough underwriting standards, he said in an interview on Bloomberg Television.
“We tend to think that the cycle is close to its end,” Peltier said. “We will be bouncing along the bottom and I think by mid- to late- 2012, we will begin to see a recovery.”
HomeServices, based in Minneapolis, is a unit of Warren Buffett’s Berkshire Hathaway Inc.
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