The CEO of a top financial services firm is sounding the alarm over a “very ugly” real estate market in the next two years.
Speaking to Fox Business host Maria Bartiromo at the World Economic Forum in Davos, Switzerland, Cantor Fitzgerald CEO Howard Lutnick said a “generational” shift was on the horizon, warning of a massive default in loan sales.
“I think $700 billion could default… The lenders are going to have to do things with them. They’re going to be selling. It’s going to be a generational change in real estate coming, end of 2024 and all of 2025. We will be talking about real estate being just a massive change, $700 billion to $1 trillion in defaults coming,” Lutnick stressed.
“I think it’s going to be a very, very ugly market in owning real estate over the next, you know, 18 months, two years,” he added.
He explained that high rates would result in commercial loans being “wiped out.”
ALL on BIDEN !!!
Many Defaults will be on DelMarVa !!!! Poor people here barley getting by as it is !!!! Then BIDEN !!!!!
Of course, the resident of the whitehouse doesn’t help this one bit, however we also need to go back to the basics. The corporate world is destroying the life so many of us have. Everything is about numbers and instant gratification these days. It’s no longer about quality business and building futures and relationships as it once was, which is extremely sad. For any major business these days, be it car dealerships, hair salons, and even medical facilities it is no longer about the customer/patient, it is all about how much revenue that can be pushed through and how quickly it can be done to ensure that the rich and employers continue to get rich while burning out the people who actually perform the duties and tasks that make them rich. There are no longer rewards for merit or going the extra mile. Everyone is simply expendable. This is sad and should be frightening for anyone that participates in the workforce daily…
CRIME will RISE !!!! That is what Democrats want !!!!!