It’s been revealed that the important billionaire Jeff Greene just issued a US real estate warning. Take a look at more details about this below.
US real estate warning
According to the latest reports, it seems that billionaire Jeff Greene says the real estate industry is entering a new chapter that will test large portions of the American economy.
During a new interview with Fox Business, the real estate entrepreneur said that after years of artificially low-interest rates, the shift towards more expensive capital could be rocking inexperienced investors not ready for rate hikes.
“I can tell you that most people in the market today have not been around that long. And you know, since we had the dotcom bust in 2002, we’ve had artificially depressed interest rates.”
He continued and said the following:
“So people have never had this experience of rates going up. And I can tell you, I see people all the time who are panicked because they’re thinking, how am I going to pay off my construction loan when the apartment building I’m building is done, when rates have now gone up way beyond what I can afford and rents are dropping?”
He also stated this:
“And so I think you’re going to have not just office buildings, people aren’t going to be able to afford to pay off their home loans that are due or their apartment building loans.
We are heading into a very frightening time in the entire real estate industry.”
New reports about the real estate
Rich Dad Poor Dad author Robert Kiyosaki predicted just recently the fact that the real estate sector will crash and cause a severe global financial crisis.
The former best-selling author says that 2023 will see a worse economic downturn than the global financial crisis (GFC) of 2008, caused by an imploding commercial real estate market.
