Real Estate Titan Sam Zell Reveals His Outlook on the Housing Recovery

On CNBC's Squawk Box this morning, real estate billionaire Sam Zell (notably on the board of Equity Residential EQR) spoke on a topic few others can rival him on: the housing market. Here are some highlights:

• We have an environment where we think if we cheer loud enough, the market will improve.


• 3-4 million houses out there are not for sale, are not foreclosed, and possibly un-occupied. These houses need to be dealt with before we have a truly strong housing market.


• Doesn't think there is evidence to show that if single family housing is improving, that rental housing is declining. We live in a new style of society.


• Continues to be very bullish on apartments, but not single family homes.


• It looks like we have 3-4 more years of unscrambling to do in the housing market