News Summary

• 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..
• One real estate investor is bearing witness to the start of the industry’s “greatest” correction he’s ever seen..
• “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.“He [Fed Chairman Jerome Powell] has not controlled inflation..
• With sellers staying out of the market, low inventory exacerbates the problem, and results in rising home prices..
• “The Fed will make more renters in this country in the next two years than it has in the last 50 because mortgage applications are at all-time lows,” Cardone said.Advertisement.
• Renters are considered “burdened” if their rent payments consume 30% or more of their gross, or pre-tax, income..