The U.S. housing market “looks like it is bottoming out,” Jim O’Neill, chairman of Goldman Sachs Asset Management, said in a Bloomberg Television interview in London today.

“The trend of unemployment looks to be better than most people continue to talk about,” he said.

O’Neill coined the BRIC term in 2001 to describe the four nations that he estimates will collectively equal the U.S. in economic size by 2020, Brazil, Russia, India and China.