Real estate tycoon highlights how Trump can stop the ‘madness’ of the US housing market
Real estate investor and private equity manager Grant Cardone reflects on his experience at Trump’s Madison Square Garden rally and how the second administration could improve US markets.
In the eyes of real estate investor Grant Cardone, former President Donald Trump can give America his “genius” in business.
“He’s a great salesman, a great marketer. He knows how to send a message, but he also knows how to spread messages,” Cardone said Monday morning on “Varney & Co.”
“In this country, if you want to buy a house, you can’t. If you want to sell a house, you can’t. If you want to get money to buy a house, you can’t afford it,” he added. “There is a big problem today.”
Cardone was one of the influential faces to take the stage at Madison Square Garden on Sunday night before Trump’s speech to a “powerful” crowd, according to a Trump campaign spokeswoman.
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The real estate tycoon called the city’s high rents, taxes and daily prices “insane,” and expanded on FOX Business’ Stuart Varney about how Trump could ease those pressures.
Grant Cardone has joined “Varney & Co.” Monday after his speech at President Trump’s rally in Madison Square Garden. (FOX Business)
“You’re going to lower prices. If you don’t lower prices, we have a housing market that won’t budge. We’re already at the lowest level since 1995,” Cardone said while quoting the National Association. of Realtors data showing US existing home sales have fallen sharply.
“Can Trump completely reverse that?” Varney stepped back.
“Sure,” Cardone replied. “Because you’re going to put pressure on the Fed … Why don’t we have the lowest interest rates in the world? We should. We have the best country in the world. We have the best economy in the world. Why shouldn’t we have the lowest interest rates anyway.
Private equity fund manager Grant Cardone explains why NYC is not a safe place to invest in ‘Varney & Co.’
The 10X brand founder also criticized Vice President Kamala Harris’ housing plans, which propose building 3 million new homes over the next four years and providing $25,000 down payment credits to first-time homebuyers.
“The truth is, he says he wants to build 3 million houses. We have 2 million houses for sale in this country right now, and nobody can buy them because they can’t get the money to buy a house,” said Cardone. “And until rates break 4%, you won’t have movement in the housing market.”
And participating in the “Varney” panel, the chief investment officer and founder of the Bahnsen Group David Bahnsen contradicted Cardone’s speech.
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Madison Ventures+ managing director Mitch Roschelle analyzes the real estate market’s ‘pre-election jitters’ and the impact of Harris’ proposed $25,000 down payment credit for first-time home buyers.
“I don’t want the president to have anything to do with setting rates. Doing monetary politics is not American,” said Bahnsen.
“There’s an interesting way when sales people like to sell,” the CIO continued. “The markets should see that. Not the president and not the central bank, in my opinion.”
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