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.
