Real Estate

Celebrity real estate agent Mauricio Umansky warns 'perfect storm' of housing unaffordability brewing

Celebrity real estate agent Mauricio Umansky is sounding the alarm over the “perfect storm of total unaffordability” brewing in the housing market. 

Mauricio Umansky, The Agency founder and CEO, reacted to the state of the housing market after the 30-year fixed mortgage rate hit its highest level since early December.

“We’ve got super high interest rates above 7%. Mortgage applications are as low as they’ve been since 1995. And then we’ve got no supply,” he said during his appearance on “The Claman Countdown” Wednesday. 

Umansky said we should not expect to see prices drop until we start “seeing some pain and some supply.”

BEVERLY HILLS HOME RENOVATIONS BLOCKED OVER LACK OF AFFORDABLE HOUSING

“Until we start seeing the pain and prices drop, I don’t see the government

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Real Estate

Real estate investor warns US is entering the 'greatest' correction of his lifetime

One real estate investor is bearing witness to the start of the industry’s “greatest” correction he’s ever seen.

“I just want to say that we’re entering the greatest real estate correction in my lifetime,” private equity fund manager Grant Cardone told “FOX & Friends” on Thursday while discussing the state of the industry.

“It’s [real estate correction] going to be a great opportunity for individuals, regular, everyday people to actually grab trophy real estate from institutions. This has never happened in the country,” Cardone said.

“It’s going to be at epic levels,” he expressed.

MILLENNIALS FEEL THEY MISSED ‘GOLDEN OPPORTUNITY’ TO BUY A HOME

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. With sellers staying out of the market, low inventory exacerbates the problem, and results in rising

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Real Estate

Nashville facing affordability crisis, real estate adviser warns

It wasn’t long ago that Zillow referred to Nashville as having “the hottest housing market in America,” with over 100 people moving in daily.

Yet, Music City’s vacancy rate is suddenly the highest it’s been in 20 years. 

“This is the first time that Nashville has been above the affordability index line,” Nashville-based real estate adviser Andy Hunt told Fox News Digital. That, coupled with high prices and the high rates, is leading to what some call an affordability crisis. 

“I think it totally is an issue… It’s definitely hard and tragic,” Hunt said of the resultant increase in homelessness the city has recently seen.

THIS HOUSING HOTSPOT CONTINUES TO LOSE BUYERS

In a FOX Nashville survey from earlier this year, 78.7%

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Real Estate

Treasury Secretary Yellen warns of commercial real estate 'issues' that could strain banks

“I do think that there will be issues with respect to commercial real estate.”


— Treasury Secretary Janet Yellen, in an interview Wednesday with CNBC’s “Squawk Box.”

Treasury Secretary Janet Yellen, in her first interview since the U.S. debt-ceiling was lifted last week by Congress, warned on Wednesday about the potential for banks to feel strain from their exposure to weakening commercial real estate valuations.

Yellen was asked by CNBC “Squawk Box” host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.

“Well, I do think that there will be issues with respect to commercial real estate,” Yellen said. “Certainly, the demand for office space since we’ve seen such a big change in attitudes and behavior toward remote work has changed and especially in

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Real Estate

‘Million Dollar Listing’ star warns CA mansion tax will deliver ‘hardest hit’ to market since 2007

Though it’s home to some of the most luxurious and expensive real estate listings in America, California is readying to pass a housing bill that one “Million Dollar Listing” agent warned could create the “hardest hit” to the market since the 2007-08 crash.

“In about ten days or so, there’s a measure called the ULA measure that’s going to go into effect, which is going to be probably the hardest hit to the real estate market that we’ve seen since 2007,” broker and television personality Josh Altman said on “Varney & Co.” Monday.

Altman’s comments come in response to the recently-passed “United to House L.A.” (ULA) measure in California, which adopts a so-called “mansion tax” on property sales or transfers over a certain value to pay

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