Billionaire Jeff Greene, who made a fortune betting against the housing market over a decade ago before it crashed, told CNBC on Friday he believes the housing market is in a bubble once again.
A real estate investor who made a fortune shorting subprime mortgages ahead of the 2008 financial crisis 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.”
The housing market has been one of the few bright spots in the U.S. economy during the Covid-19 pandemic. Mortgage rates have been historically low, while the popularity of remote work has given people more flexibility in where they live.
“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 told CNBC.
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