Real estate tycoons blame Powell for the US housing crisis
Cardone Capital CEO Grant Cardone discusses President Donald Trump’s “Big Beautiful Building,” Federal Reserve Chairman Jerome Powell’s role in the U.S. housing crisis and the impact of his launch of the new Bitcoin Fund.
As the US continues to face challenges in the housing market, one real estate tycoon is turning his fingers to Fed Chairman Jerome Powell due to the downfall of the industry.
Grant Cardone, CEO of Cardone Capital, claimed that Federal Reserve Chairman Jerome Powell “caused a “housing crisis” while appearing on “Mornings With Maria” on Monday.
“he [Jerome Powell] “It has done more damage to the middle class and housing in the country than any other single Fed or decisions made so far from the Washington, DC,” Cardone emphasized.
Real estate experts have criticized the country’s high interest rates as a way to “prevent” people from buying a home.
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“That’s why we list homes with 500,000 people more than those home buyers. When prices go down, there’s a greater supply of prices and the supply keeps the price down, so too,” he said.
Following the May meeting of the Federal Open Market Committee, the central bank announced that it would change its benchmark interest rates in the range of 4.25% to 4.5%.
Industry experts say the US real estate market is about to change over the coming months.
“Interest rates don’t control prices,” Cardone told Fox Business’ Jackie Deangelis.
He explained that lower fees could “stimulate” activity in the market, and that “activity makes the economy work.”
These states see most all cash home purchases
“If the supply is high, but the fees are too high, there is no demand, then buyers will not come to reach those homes [so] Prices are rising,” Cardone said.
Real estate experts’ criticism of Powell never stopped. Cardone said the Fed chief is still maintaining interest rates despite lower inflation.
“If you want to move homes to this country, you need to be able to return to the market and get low interest rates.”
President Donald Trump will answer reporters’ questions about prices and address a feud with Federal Reserve Chairman Jerome Powell at the White House.
Cardone attributes the decline inflation to President Donald Trump’s “enthusiasm, optimism and speculation about opening up the market.”
President Donald Trump, the vocal critic for the Fed Chairman, urged Powell to cut interest rates at a full percentage.
“Too late” with the Fed is a disaster! ” Trump wrote in a post about True Society. “We had 10 interest rate cuts in Europe, and we had nothing.
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Matthew Kazin and Eric Revell from Fox Business contributed to this report
