U.S. housing market worst since World War II:Cat CEO

CHICAGO (Reuters) - Caterpillar Inc (CAT.N) Chief Executive James Owens said on Tuesday that the downturn in the U.S. housing market is the worst it has been since World War II and is likely to weaken further next year.

Owens said at an event hosted by the Executives' Club of Chicago that there was a bubble in the U.S. housing market and it will take time to work through it.

(Reporting by James B. Kelleher)