FOX: Real estate investor warns US is entering the ‘greatest’ correction of his lifetime
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.
The S&P 500 equal-weighted index is near its all-time high and round-tripped from range lows to range highs in only seven weeks. And 90% of the index is above its 50-day moving average. These are strong breadth numbers, but they can often occur at short-term trading highs. pic.twitter.com/ZWu7anl3AK
— Jurrien Timmer (@TimmerFidelity) December 18, 2023
It's important to know that consensus fails when it hurts the most.
Which is why I have steadfastly rejected the consensus. I don't like surprises generated by idiots. pic.twitter.com/3QeodxiYZC
— Mac10 (@SuburbanDrone) December 18, 2023
#recession … #Fed Pushing on a String edition t.co/VU4tLR7Lrm pic.twitter.com/e9GFnzU2WJ
— Invariant Perspective (@InvariantPersp1) December 18, 2023
Sugar has entered a bear market after falling more than 20% from its November 7th high. It's now trading at its lowest price since March. pic.twitter.com/qxsYoL7zqd
— Barchart (@Barchart) December 18, 2023
Never forget, this time it’s different pic.twitter.com/U6aoRAWwcg
— Michael A. Arouet (@MichaelAArouet) December 18, 2023
The labor market has been slowly weakening
But jobless claims are yet to rise significantly
Such an occurrence has systematically marked market tops
Is this time different? pic.twitter.com/raL9iQTIiT
— Game of Trades (@GameofTrades_) December 18, 2023
My guess… We're getting much closer to seeing the Fed unsheath its mighty sword from the stone once again. SEC 13(3). pic.twitter.com/UWAuBiAt3x
— Randy Woodward (@TheBondFreak) December 17, 2023
#recession … #GFC2 US #CRE edition#commercialrealestate #CMBX 📉 🥶 t.co/qNBONk2Jcp pic.twitter.com/qVCADAWZh4
— Invariant Perspective (@InvariantPersp1) December 18, 2023
#recession … #GFC2 US #CRE edition#commercialrealestate #CMBS 📉 🥶 t.co/3nTA0kr1gg pic.twitter.com/K8nS0vqMLZ
— Invariant Perspective (@InvariantPersp1) December 18, 2023