Elon Musk rang the alarm on house prices and commercial real estate this week. Here's why he's worried about a property disaster.
in fear of further bank runs, raising the prospect of a credit crunch. They may also be more wary of lending given the prospect of a recession, pressure on their asset portfolios, and the increased risk of loan defaults when rates are higher.
A painful mix of downward pressure on asset prices, higher borrowing costs, and tighter lending by regional banks is especially bad news for the commercial real estate industry, which is heavily reliant on debt financing from smaller lenders.The Tesla chief has been making dire predictions about real estate for several months now.on Fox News'"Tucker Carlson Tonight" in April."That's more like an anvil, not a shoe.
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