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    Investor warns US entering ‘greatest real estate correction in my lifetime’: ‘Going to be at epic levels’

    By Fox Business,

    2023-12-16

    https://img.particlenews.com/image.php?url=0SASSg_0qH1ByHd00

    One real estate investor is bearing witness to the start of the industry’s “greatest” correction he’s ever seen.

    “I just want to say that we’re entering the greatest real estate correction in my lifetime,” private equity fund manager Grant Cardone told “FOX & Friends” on Thursday while discussing the state of the industry.

    “It’s [real estate correction] going to be a great opportunity for individuals, regular, everyday people to actually grab trophy real estate from institutions. This has never happened in the country,” Cardone said.

    “It’s going to be at epic levels,” he expressed.

    Despite Cardone’s claim that the industry is entering new territory, the current housing market poses significant issues for any buyer or seller as interest rates and housing costs remain heightened.

    https://img.particlenews.com/image.php?url=36bIvr_0qH1ByHd00
    One real estate investor is bearing witness to the start of the industry’s “greatest” correction he’s ever seen.  Getty Images

    With sellers staying out of the market, low inventory exacerbates the problem, and results in rising home prices.

    “It’s unaffordable for people to own a home today,” Cardone stressed while blaming the Federal Reserve for “single-handedly” killing the housing market with interest rate hikes.

    “He [Fed Chairman Jerome Powell] has not controlled inflation. He has failed miserably. What he has actually done is created and, in the meantime, stopped the housing industry,” the real estate investor said.

    https://img.particlenews.com/image.php?url=1RH0qN_0qH1ByHd00
    “I just want to say that we’re entering the greatest real estate correction in my lifetime,” private equity fund manager Grant Cardone told “FOX & Friends.” FOX NEWS

    To jump-start the housing industry, Cardone is urging Powell to “step aside” and let the market correct itself.

    “Interest rates will have to come down in order for pricing to come down. This is actually a contradiction to what most people think. But when interest rates come down, mortgage applications will go up and people will start selling their homes,” Cardone told co-host Rachel Campos-Duffy.

    As first-time buyers’ dreams of owning a home have been halted by high costs, those who are renting are experiencing similar economic pains.

    https://img.particlenews.com/image.php?url=2Xls7b_0qH1ByHd00
    The current housing market poses significant issues for any buyer or seller as interest rates and housing costs remain heightened. Christopher Sadowski

    Moody’s Analytics found that in Q3, the U.S. rent-to-income ratio (RTI) declined slightly by 0.5% and ended at 30% — a level that is the threshold for being rent-burdened.

    Renters are considered “burdened” if their rent payments consume 30% or more of their gross, or pre-tax, income.

    https://img.particlenews.com/image.php?url=3gfzL6_0qH1ByHd00
    To jump-start the housing industry, Cardone is urging U.S. Federal Reserve Chair Jerome Powell (pictured) to “step aside” and let the market correct itself. Xinhua/Shutterstock

    The Fed will make more renters in this country in the next two years than it has in the last 50 because mortgage applications are at all-time lows,” Cardone said.

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    Comments / 369
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    Bob Grumley
    12-20
    Cool! Since my house is paid off I will buy several rentals when it bottoms out and when Trump get back I will sell them in 8 years for a huge profit!
    3071
    12-19
    How does he not understand supply and demand 101?
    View all comments
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