The turmoil in the banking sector could spread to the housing and commercial real estate markets, Elon Musk has warned.
"This is by far the most serious looming issue," he tweeted on Saturday. "Mortgages too."
The Tesla, Twitter, and SpaceX CEO was responding to The Kobeissi Letter, after it outlined that a record $2.5 trillion in commercial real estate debt will mature over the next five years...
"This is by far the most serious looming issue," he tweeted on Saturday. "Mortgages too."
The Tesla, Twitter, and SpaceX CEO was responding to The Kobeissi Letter, after it outlined that a record $2.5 trillion in commercial real estate debt will mature over the next five years...
- Elon Musk has sounded the alarm on mortgages and commercial real estate.
- The Tesla chief warned that banks could be hit by a surge in defaults and lower asset prices.
- Higher interest rates, depressed occupancy levels, and a looming recession threaten loan portfolios.
RSK: Elon weighs in and it is not pretty. As mentioned earlier, small banks hold about 70% of the commercial loans.
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- - Volume: 11 - WEEK: 13 Date: 3/27/2023 6:22:32 PM -