“The Housing Market is Done in America” – An overpriced market is behind an uptick in renting, which is near a 50-year high, with 36.6% of Americans doing it, according to the Pew Research Center.
Why a real estate investor says ‘the housing market is done in America’
In the face of a widespread financial slowdown, a mixed bag of information has raised questions about how resilient the U.S. housing industry can remain and how Los Angeles Hard Money Rental Financing may benefit.
However, comparatively early on a bearish investor made a severe verdict.
“In America, the housing market is done,” real estate investor Grant Cardone said Thursday to Yahoo Finance. “It’s never going to come back.” Cardone’s grim evaluation came as sales of fresh homes plummeted 7.8 percent last month, hitting a 5-month low, even as pending home sales made a 1.1 percent increase. The investor ascribed the market state among prospective customers to “a loss of mobility.”
Mobility is an entrepreneur’s most precious, unique ingredient-the capacity to move where cash goes, “Cardone told YFi PM.
He insisted that “individuals have invested more cash in their home than in their self-improvement “— something that was likely to change in the future, he added.
According to the Pew Research Center, a market that is still deemed by some to be overpriced stems from an increase in rent, which is nearly 50 years high, with 36.6 percent of Americans doing so.
Cardone saw that increase first-hand and said it might be the cause of the Baby Boomer generation.
“We’re going to lease in this nation to 80 million baby boomers. Baby boomers will become the country’s largest renters and millennials will follow, “said Cardone.