Real estate tycoon blames Powell for US housing crisis

As the United States continues to face challenges with its housing market, a real estate member refers to the Federal Reserve Chairman Jerome Powell in the fall of the industry.

Cardone Capital has argued that Federal Reserve Chairman Jerome Powell “caused the” housing crisis “in the country during his appearance on” Al -Sabah with Maria “on Monday.

“he [Jerome Powell] It has caused greater damage to the middle class and housing in this country more than any one reserve bank or any decision taken from Washington, DC.

Real estate expert criticized high interest rates in the country as a reason for “preventing” people from buying homes.

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He said: “For this reason you have 500,000 homes more listed than buyers for these homes. When prices drop, prices will also decrease because you will have more supply on the market and the supply is what controls prices.”

In the wake of the Federal Open Market Committee meeting, the central bank announced that it will leave the standard interest rate unchanged within 4.25 % to 4.5 %.

I told Cardone Fox Business’ Jackie Deangelis that “interest rates do not control prices.”

He explained that fewer rates can “stimulate” the activity in the market and “the activity is what makes the economy work.”

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“When you have a high offer, but there is no demand because the rates are very high, you do not have two buyers who come to reach these homes [so] “The prices are awake.”

The criticism of the real estate expert did not stop. Kardoni said that despite the low inflation, the Federal Reserve Chairman kept interest rates.

“If you want to move homes in this country, we need investors to the market and we need buyers in the market able to get a low interest rate.”

Cardone has attributed the decrease in inflation to “President Donald Trump’s enthusiasm, optimism and speculation to open the market.”

President Donald Trump, the audio critic of the Federal Reserve Chairman, urged Powell to reduce interest rates to a full percentage.

“It is too late” at the Federal Reserve Disaster! “Trump wrote in a post on social truth.” Europe had 10 price cuts, we had nothing. Although, our country works great. Go to a complete degree, missile fuel! “

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Matthew Casin and Eric Rafel contributed to Fox Business