Billionaire real estate investor Jeff Greene on pandemic housing boom

163 Megtekintés 17 E

Jeff Greene, Palm Beach developer and billionaire real estate investor, and CNBC's Robert Frank join 'Power Lunch' to discuss Florida's real estate market and if the demand for Florida housing is about to burst. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
A real estate investor who made a fortune shorting subprime mortgages more than a decade ago told CNBC on Friday he believes the current housing market is in a bubble.
“Absolutely. I think we’re in an omni-bubble. How long does it last? It depends. How long do you keep the faucet open and this money running?” billionaire Jeff Greene said on “Power Lunch.”
“There’s just so much money in corporate balance sheets ... and people’s balance sheets and their bank accounts that it’s just driven prices of everything higher, but at some point, this has to stop,” Greene said.
The housing market has been one of the strongest parts of the U.S. economy during the coronavirus pandemic, which also put millions of people out of work and sparked a recession.
Mortgage rates have been historically low, and the rise of remote work has given Americans greater flexibility in where they live. Home prices have been soaring as strong demand clashed with low supply.
Greene is not the first person to suggest the market is overheating, although his previous bet against the housing market in the mid-2000s makes his comments Friday notable. Recently, Google searches for “When is the housing market going to crash?” have spiked dramatically.
“When you see prices go up the way they’ve gone up, you have to ask yourself: Why did this happen?” Greene said, contending the robust monetary and fiscal policy response to the pandemic played a key role.
“My view is it happened 80% because of the extraordinary amount of liquidity in the economy, 20% because of fundamentals,” he said. The investor also pointed to rising costs for lumber, suggesting significant inflation will show up throughout various parts of the economy as it recovers from the crisis.
“I think we’re going to have inflation that no one ... is forecasting whatsoever, and it’s going to have to lead to much higher interest rates and that is going to slow down all these markets,” Greene said.
Not everyone shares Greene’s view on the housing market being in a bubble, even if they believe real estate values may experience a brief correction. One crucial reason some people say this boom is different is because mortgage underwriting standards have improved due to the previous crash.
Others have a different view than Greene on what’s causing the demand surge. “I know there’s a lot of concern about potential speculation out there, but that’s really not what’s happening in the market today,” Coldwell Banker Real Estate CEO Ryan Gorman told CNBC on Tuesday.
Gorman’s company - which is owned by Realogy - recently conducted a survey focused on why people are considering selling a house.
“Approximately 40% are upsizing, the most classic reason why people are looking to move. About 30% are seeing an increase in value in their home, so they’re saying, ‘Maybe I want to monetize that value. Perhaps move forward in my retirement plans,’” Gorman explained on “Power Lunch.”
“You still have about 30% that are saying, ‘If I’m able to work remotely at least part of the time, maybe all the time, then perhaps I want to live somewhere differently than where I live today, maybe even in somewhere a little more affordable,’” Gorman said. “So while home prices are increasing, affordability is a relative term and we’re seeing some people take advantage of that.”
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Megjegyzés

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    The real losers will be the winning high bidders lol.. This covid sugar high is going to explode!

  4. Easymoney 5
    Easymoney 5
    15 napja

    Hes buying credit default swap again before the real estate collapse again lol

  5. eek man
    eek man
    15 napja

    Based on the simple economics of supply and demand, I DO NOT foresee a national housing market crash in the next five years.

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    23 napja

    Why is nobody total Jing about recruiting the good workers to come live in Florida. I’m sure lots of great workers would love to move. Less taxes. No snow.

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    OC Vegas Property
    23 napja

    Yeah, but how do you time it? Could go up 20% while you waiting and never come all the way back down again...

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    1. Alpinism Utilitar
      Alpinism Utilitar
      4 napja

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  11. iddiyappam
    iddiyappam
    27 napja

    Yes the market is crazy but will sellers next year knock down the price of home by 20%? I’m a first time home buyer who in September 2020 wanted to buy a home. The pundits asked me to hold off. Fast forward 6 months and the homes in September 2020 sounds like a steal.

  12. Louis Logan
    Louis Logan
    28 napja

    Crypto is the future 💯

  13. Gamebox27
    Gamebox27
    29 napja

    Instead of worrying about of 85 year olds dying of an airborne virus let's worry about the fact an average working man (or woman) can barely afford a small apartment

    1. Easymoney 5
      Easymoney 5
      15 napja

      Hes buying credit default swap again before the real estate collapse again lol

  14. Selvakumar Murugesan
    Selvakumar Murugesan
    29 napja

    FL is retirement state and it hard to find the tech people

  15. domirici305
    domirici305
    29 napja

    On behalf of true Floridians, vete pal’ carajo

  16. THE REAL ZENFORCE
    THE REAL ZENFORCE
    29 napja

    Supply and demand, it's simple. 1) in free USA, no one forces you to live in California other expensive states, you can go for less expensive and way less expensive states. But most people are afraid to leave their comfort zone. 2) you are not entitled to live in a city or in California or an expensive state you canno afford to live in. 3) the taxpayers from all over the state (towns and villages) are not there to pay public homes in cities for those too lazy to leave the cities. 4) if you are smart, if you can you leave the state and you now buy a house at the border in neighbouring states and with California becoming more and more expensive, the house price in neighbouring states is likely (probably not sure) to go up to because more and more people will leave California for those states. 5) forget public housing, that's state owned homes paid by lifetime rents, like in Singapore only the State becomes wealthier with that public housing technique, people will remain on their poor savings and not like home owners profit from the increased yearly value of their homes. And Singapore proved that state owned public housing does not work, price are still climbing higher and higher and many cannot afford it anymore too, and Singapore went to abyssal national debts (over 100%) to pay for those state owned public homes. Leaving for other less expensive states is the solution especially for the future of your children unless you want to make them Californian public homes rent slaves or private housing rent slaves. The more housing prices will grow in California to more the state will slowly fail, to more people will leave that taxation greedy and overrated high price state if people come to their senses.

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    John Chieze
    29 napja

    choice real estate and luxury housing prices will reverse when the NYSE and the crypto currencies end the record bull run. with the fed chair petrified to begin tweaking interests year after year, the sky remains the limit. still not enough bears!

  18. Ryan Faulkner
    Ryan Faulkner
    Hónapja

    Love idiots, keep buying real estate in a state will be 50% under water by 2050.

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      Sarah
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      Hónapja

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      Patricia V. Beuer
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      Yvonne R Plourde
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  22. garyseeseverything
    garyseeseverything
    Hónapja

    Finally someone man enough to tell the truth! Most people speak rubbish you wouldn’t believe and agents say it’s great time to buy a home.

    1. Corkfish1
      Corkfish1
      29 napja

      It's funny, in public they say its a great time to buy, but in private the realtors I know all describe the matket with one word. "Ridiculous"

    2. ez icarus
      ez icarus
      Hónapja

      Agents sell houses. What do you expect them to say

  23. Konadubya
    Konadubya
    Hónapja

    Especially with those hurricanes every year

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      domirici305
      29 napja

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    the DOS
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    1. Vitalii
      Vitalii
      21 napja

      qork from home will stay even after coronavirus

    2. domirici305
      domirici305
      29 napja

      100% true? You sound like a 100% comè meirda!

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    Matt Pagel
    Hónapja

    Northeastern hubris will be a thing of the past soon.

  27. Virginia Ganskie
    Virginia Ganskie
    Hónapja

    It happened because of Joe Biden's foreclosure ban! Joe Biden has destroyed the housing market! Hedge funds are driving them up, now!

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    Jonny B
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    What a great interview

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    Richard Oliver
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      Antonio Sleeves
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  30. Ross
    Ross
    Hónapja

    just wait till all these business finish moving to Florida and then the hurricane of all hurricanes hit and wipe everyone out. Not gonna end well.

    1. Terrazas Victim
      Terrazas Victim
      6 napja

      @Ross I was born in Miami and lived here all my life. I’ve rebuilt my home 3 times in 39 years. That’s what insurance is for. Florida always rebuilds. We are used to it and it’s totally worth the risk to never have to worry about a snowstorm or yearly floods or earthquakes or tornados… At least we get a heads up and can leave when a hurricane is approaching.

    2. Ross
      Ross
      15 napja

      @domirici305 I don't see the significance of your point. Hurricanes still hit Florida.

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      domirici305
      29 napja

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    kim ingay
    Hónapja

    Wat? Young children's but scams activities in criminals activities in CRIMES 😂

  32. kim ingay
    kim ingay
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    Another greedy in makings money's

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    Monica Daniels
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    Investing in crypto is a more lucrative way of making money

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