Quote of the day: Sam's crystal ball

“Housing market stability will appear sometime this summer. I can’t tell you if it’s June 29 or Aug. 1… But the U.S. will recover and recover first around the world because we have a culture and we have an environment where we face up to reality quickly and effectively as opposed to many other counties in the world which create zombie environments because they are not able to face up to reality.”

– Sam Zell, doing his best “Carnac the Magnificent” at the International Council of Shopping Centers’ annual convention on Monday.

I believe that in a country that continues to grow and where the population continues to grow, we will see the first signs of equilibrium in the housing market in the spring of 2009 and I will expect by spring 2010 the housing market in the U.S. will look a lot better.

– Sam Zell, on Dec. 14, 2008.

I think starts have already pretty much bottomed out…I think the housing market this spring will begin its recovery phase.

– Sam Zell, on Feb. 26, 2008.

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