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.
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.
Correction is > People loosing their Homes in Record Numbers !!!!