Sam Zell, knows about timing real estate. He sold his REIT, Equity Residential for $39 billion in 2007. At the time, some criticised Zell for selling “too early and cheap”. The way Sam Zell saw it, there are not too many opportunities to sell a REIT for $39 billion in cash. And when the ducks are quacking, and credit is easy, feed ‘em.

Now Sam Zell thinks there are signs the housing market may be starting to recover.

The single-family housing market is starting to “bottom out” and “this summer we’ll see equilibrium,” he said.