Housing industry getting hit by ‘perfect storm,’ billionaire real estate developer warns

Source: Fox Business — 

Billionaire real estate developer Jay Bloom warned consumers Thursday the housing industry is getting hit by the “perfect storm.”

“We’re in the middle of a real estate boom like we haven’t seen in the past,” Bloom told “Cavuto: Coast to Coast.”

He said several different factors impact homebuilding in the red-hot housing market – from supply chain interruptions to low-interest rates and the “foreclosure moratorium” during the pandemic.

“A $12 piece of lumber is now $80 to $100…now we’re starting to see interest rates go up fast,” Bloom explained. “We’re seeing the foreclosure moratorium start to lift, and you’re seeing the supply chain start to get fixed.”