Zell: Housing market approaches 'equilibrium'

The U.S. housing market is nearing "equilibrium" as inventory decreases and homes become more affordable, billionaire property investor Sam Zell said today in an interview with Bloomberg Television.

The market was hurt by speculators, said Zell, who is chairman of Chicago-based Equity Residential, the nation's largest publicly traded apartment company.

"We never would have gotten into the position we're in today if everybody was focusing on where they wanted to live and what was a good value for living as opposed to what they could buy it and flip it for," Zell said.

Zell said the oversupply of homes will be in line with demand by the end of the summer.

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