"The American consumer is not stupid," and that's why housing hasn't bottomed, Mort Zuckerman...

|By:, SA News Editor

"The American consumer is not stupid," and that's why housing hasn't bottomed, Mort Zuckerman (BXP) says. There's "no confidence"; until that changes, historically low rates and affordable prices won't matter. But commercial real estate remains a good buy in many locations; small-town shopping centers are hurting, but demand for higher end properties is strong.