Buffett didn't hesitate. "If I knew where I was going to want to live the next five or 10 years, I would buy a home and I'd finance it with a 30-year mortgage, and it's a terrific deal," he said.

He didn't stop there. "If I was an investor that was a handy type, which I'm not, and I could buy a couple of them at distressed prices and find renters... it's a leveraged way of owning a very cheap asset now, and I think that's probably as attractive an investment as you can make now."