Elon Musk warns house prices are set to plunge – and says commercial real estate is in meltdown
"Commercial real estate is melting down fast. Home values next," the Tesla and SpaceX chiefThe tech billionaire made the comment in response to a tweet by Craft Ventures founder David Sacks, who pointed out a big chunk of commercial real estate debt is due to mature soon.
Musk has previously warned that cracks could appear in property markets following turmoil in the banking sector. For example, the clean-energy pioneer said commercial real estate isand cautioned regional banks could experience a wave of defaults due to their huge exposure to the sector. The debt-fueled industry has kept investors on edge in recent months, given it faces a raft of headwinds. These include higher interest rates, tighter credit conditions, and work-from-home trends.
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