J.P. Morgan Chase (JPM) Chief Executive Jamie Dimon said Monday that the U.S. housing market has neared its bottom, though it could remain there for a year.

Speaking at his investment bank’s health-care conference Monday, the head of the nation’s biggest banks by assets and deposits said the country is likely to need more new homes in the coming years as supply and demand are balanced and housing is more affordable than ever.

“I think housing’s near a bottom. It could be there for a year, but once you see employment grow 300,000, 400,000, 500,000 a month, you better buy right away,” Dimon said.

Later, appearing on CNBC Television, Dimon said he sees housing “at or near” the bottom and is hoping the economy will grow this year.

The housing-market troubles in the U.S. has put continued pressure on the economy and on bank earnings. Dimon has previously said he expects to still see declines in home prices, though he expected the declines to ease. He said he also expects a “modest recovery” in the economy this year.

Dimon also reiterated that J.P. Morgan is comfortable with its exposures to Europe, a topic for all banks that has attracted much investor attention and Monday was flagged by regulators.

Dimon called Europe and the euro “a great accomplishment for mankind.”

The Securities and Exchange Commission earlier Monday said it was concerned about the variances in disclosures from U.S. banks about how much they had at risk in Europe.

J.P. Morgan said in November it had $15.9 billion in exposures to the stressed European countries, a figure that had risen from the end of September as banks roll out increasing transparency on the problems abroad.

J.P Morgan has said the worst-case scenario in Europe could create a $3 billion loss.

“Hopefully the worst doesn’t happen, but if the worst does happen, I’m not going to feel terrible,” Dimon said on CNBC. “I’ll feel terrible for them.”

But Europe could also present an opportunity for J.P. Morgan, as Dimon said at the healthcare conference the bank is looking at “certain assets” that stressed European banks are selling.

Source: Capital