High-profile real estate investor Grant Cardone has given Vice President Kamala Harris an F grade for her comprehension of housing issues.
“Kamala Harris is either financially illiterate, incompetent, or she believes that her voters are. Her plans come up every week as something new,” said Cardone in an interview on Fox News. “Kamala does not understand housing and I can tell you why.”
Cardone pointed to Harris’ proposal to build 3 million new homes during her first term as president, but he also pointed to the lack of recent homebuilding efforts by the Biden-Harris administration.
“They didn’t build any last year and we are 4.2 million homes short in America,” Cardone said. “So why would you want to build 3 million when we’re 4 million short? Who are the 1 million that don’t get the house?”
Cardone also faulted Harris’ proposal for providing some first-time homebuyers with $25,000 to be used for a down payment.
“The $25,000 first-time buyers’ credit will actually inflate housing – it will not deflate housing, because they’re just going to add the $25,000 or $50,000 or $75,000 to the price of the house,” he said.
Cardone opined that the housing market will experience a new degree of vibrancy if mortgage rates can drop to 4%.
“If you’ve been alive long enough to understand, go back to 1980, we have half the sales than we had then, and the interest rates were double what they are today,” he stated. “Interest rates have to hit 4% or lower in order to lower pricing in America. This is a contrarian view,” he added, “but the reality is, as long as rates are hanging out in the 6.5 [percent], 70% of all the existing mortgages in this country are under 4%. If I’m a buyer, I am definitely waiting. I might put a deal on a contract, but with an option to purchase in the future.”
Photo: Gage Skidmore / Flickr Creative Commons
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Why would they build houses when interests rates were at 7+%? Those properties would’ve costs more to build and sit because people were not buying due to high rates. It makes more sense now with the construction costs and rates being lower.
They ARE buying homes, even at 7+%. There is not a glut of inventory just sitting around. Builders are offering independent buy downs and lower rates. Buyers still need to qualify at the higher rate but those with good credit and ready to buy are the winners today.
All of you KAMALA fans, please look at my comment from 9-26-24 at 9 54 am. Not one of you replied or rebutted or denied what I wrote. BECAUSE ITS ALL TRUE AND CORRECT AND DOCUMENTED.
This Fake staged Candidate is a Marxist( Communist for those of you not familiar with the Word), she cannot answer a straight question in an interview even when the Talk Show host or journalist is throwing Soft Balls at her, With that Stupid Constant Laugh and not qualified to hold ANY EXECUTIVE OFFICE. She is a sham and a scam with half of fan base so stupid and blind that cannot name 3 countries on a Blank map of any continent.
This is Documented-google it- She wants Illegal Criminal immigrants that are being held in our prisons for committing hard crimes after she did NOTHING to stop them entering here as the Border Czar, to receive Sex Change operations funded by US Taxpayers.
She’s a Scumbag along with Tampon Tim, Who’s good friends with several high ranking members of the CCP.
Thats the brutal Chinese communist party.
What all you KAMBALA Lovers say about all this???!!!
I googled your claim about not being able to name 3 countries on a blank map but couldn’t find anything…
No Joyce, my comment reads”” google the fact that KAMALA wants to fund sex change operations for illegal immigrant criminals” that are currently in prisons and jails in our country, the USA.You and Millions of others can certainly identify many countries on a blank map of continents, but millions of other Kamala Voters have NO CLUE,they CANNOT point out 3 countries on a map in Asia, South America, Africa, or Europe .
they only know how to receive their EBT food stamp cards and get free food and Beer with our tax dollars.
Do any of these people understand we pretty much build 1.5 million homes each year? so in a 4-year term any President will build 6 million homes. Recently she recently adjusted her 3 million new homes statement to make them “affordable homes”. Good luck. Only way that’s happening is with taxpayer money to buy down the interest rate and to use taxpayer money to offset builder cost. or builders are going to have to get massive abatements (which are paid with your tax dollar). Folks this is called Socialism.
Today’s democrats are all about socialism, higher income taxes and self promotion. All of thier talks about helping people are hot are to get the poor to vote for them.
Educate yourself on what Socialism is first. Then ask yourself, is there a chance that I have inadvertently joined a cult? Self awareness is the number tool we have, it helps us realize that we’ve become a tool.
Thank you, Martin.
KAMALA-
Radical Jamaican father a Marxist Communist Professor in California ( what a surprise)!
He “ Taught her well”.
KAMALA-
Predictable Bullshitter named the most Liberal left wing senator in 2019.
That’s Documented.
Named Border Czar by Senile Biden in 2021,
Allowed over 8 Million illegal Aliens to easily cross our southern border and Many of those are Criminals that have Raped and Robbed and Killed US Citizens during last 3 years.
INCOMPETENT, UNORIGINAL, PREDICTABLE UNQUALIFIED LIAR!!!
Walz is the Same!
Wait, what? Educate yourself on what socialism is? Instead of insulting James, tell us all “on what socialism” is. We’ll wait. You comment about “self awareness in the number tool we have” makes NO flippin’ sense. But you can ‘splain that one as well, Martin.
Thank you Martin!
In Joplin, Missouri, after a devastating tornado demolished hundred of homes and businesses in 2011, down payment gifts were offered by the government, with the stipulation that the buyer remain in the home for 2 years or forfeit the loan. That financial boost was a godsend to our city and helped us to regain our momentum. In fact, it strengthened our retail and residential market considerably. Retail companies saw the serious resolve of our citizens and brought new retail and manufacturing to the city as they respected the character displayed In cooperation and quality intention. Giving first time homebuyers a foot in the door increases the community values in so many aspects.
How is a $25,000 credit given to the homebuyer going to inflate the price of a house? I’m not saying I agree with the credit, I just don’t see the correlation of it increasing the price of the house. It increases the buying power a buyer has not the list price the house gets listed at.
That 25k incentive could have worked back in 2009-2010. Too much inventory, not enough buyers. Today, inventory has been very tight for 4-5 years, pent up demand from buyers waiting for lower rates…giving buyers 25k today would only heat up the competitive bid process which means much higher prices. It will have the opposite effect, it’s a terrible idea(I’m a 20 yr real estate broker)
Thank you Larry, you are so correct!
Yes, I agree with Larry 🙂
Ask yourself WHERE does the government get $25k to give away?
-If from TAXES, then from tax payers.
-If NOT from taxes, from the builders…who then adds that loss to the price of the home.
NOTHING IS FREE!
The money has to come from somewhere which means higher taxes. She said that the other day. Free money is never “Free”. We are already taxed to the hilt. Insanity!!!!
🎯🎯🎯 Sheryl
The reason the 25k credit will inflate prices is simple supply and demand. We saw it years ago with the 7 and 8k credits. The credits put more buyers in the pool for the same homes and it drove the prices up. If you’ve been involved in the market for decades like I have it’s been proven time and again.
🎯🎯🎯 Vicki as that is exactly what happened.
Well, if you’re not a real estate professional, then let me explain it. The buyer has to provide a BFI along with the mortgage pre-approval. If I’m representing a seller and I have multiple offers, I’ll show the seller that the offer is contingent upon the buyer getting this “grant”. The seller will ask for a best and final from all of the offers.
The government $25k credit will increase “effective demand” which is the desire and ability to buy. Most sellers and Realtors know that with limited inventory that they can then ask more and in this case a lot more for their homes. That will lead to higher housing inflation costs. We have to be in a serious recession or have an over supply of homes for this program to have a limited impact on housing prices. We are not in either. Oh, by the way. I
am a retired 42 year Real Estate broker with 37 years as a full time appraiser and I personally owned 10 rental houses in my career too. I also was an public policy-economics major in college. I think I know something about the Real Estate industry.
And what is Trump’s plan? The man only has concepts, tariffs, or “drill baby drill”…. The GOP is a joke and only dwells on culture issues. It’s not a serious party. The US has fallen behind the housing supply since 2008. And besides, any real change in housing has to start at the local level, Federal can only do so much. WRE News quoting Fox News and Cardone is a joke. Give me a break.
I don’t love everything about Trump but I trust his policies as a real estate developer far more than I trust those of someone who has never been a small business owner and knows absolutely nothing about housing or issues that affect our industry. Can you say you’re making more money and keeping more profit now than you were four years ago? If you are you’re in a very small minority.
What policies??? We haven’t heard any other than tariffs on China, which will result in higher prices in America. All of his campaign speeches are childish name calling with no policies to fix anything. He is also a real estate developer that filed bankruptcy multiple time.
Chris, I am a 40 yr veteran in the Real Estate business. I a, a Broke, appraiser and auctioneer. I have lived through three downturns and they were ugly. The one she is about to put you in may very well take most W2 workers down. I bet you her and her boss cannot run my automated laundromat, The truth is she has never signed the front of a check and the best thing for the country is to take away the check book. Perhaps you can agree on that.
Kudos for the great political arguments. It almost seems like Socialism vs rewriting the Constitution. There is a general distrust of both candidates, as implied by the variety of comments. Face it…it is a lose lose situation that is being proposed by both candidates, regarding real estate. I am apolitical. If the government does nothing, the free market will eventually resolve this problem. The sky isn’t falling. i sold real estate when interest rates were 14%. Private enterprise, creative financing, and financial incentives resolved the problem, along with an improved economy.
Hit the nail on the head Karin, thank you!
@Danny- I’ve known Grant forever. He worked hard, invested in Real Estate, and stuck with it. He knows the business extremely well and what it takes. He’s not a joke in the business. He didn’t just say this on Fox News. He’s is constantly talking about it on other platforms. He is right about lowering the interest rate to 4% etc. maybe read his book.
Don’t get me wrong, I agree that lowering interest rates will help. I’m curious if people rate locked wanting a different home will be willing to sell with a lower interest rate, adding more inventory to an already tight market. But it’s more than a one answer solution. There needs to be more development, more construction. I’ve seen it at a local level, ballot measures will come up during an election to transform open land to medium density housing and people that own homes will almost always vote it down because they don’t want the traffic or the crowded neighborhoods, and then we complain when there’s no housing available for our kids, and the prices for starter homes are sky Rocketing. If rates were at 5% or 4%, or 3%, wouldn’t change anything without more supply.
Don’t get me wrong, I agree that lowering interest rates will help. I’m curious if people rate locked wanting a different home will be willing to sell with a lower interest rate, adding more inventory to an already tight market. But it’s more than a one answer solution. There needs to be more development, more construction. I’ve seen it at a local level, ballot measures will come up during an election to transform open land to medium density housing and people that own homes will almost always vote it down because they don’t want the traffic or the crowded neighborhoods, and then we complain when there’s no housing available for our kids, and the prices for starter homes are sky Rocketing. If rates were at 5% or 4%, or 3%, wouldn’t change anything without more supply.
Get real, a good portion of what would be first time buyer homes were swallowed up by cash rich investors, corproate and hedge fund buyers as investments and rental income properties.
Biulders usually have a percentage er marked for investors and offer those wonderful ARM’s with a majority of downpayment, fees and costs rolled in to their note to essentially start out upside down or todays tern under water.
Again THERE IS NO FREE MONEY!!!! Can you pay more taxes??? She wants to also give illegals social security that they NEVER PAID IN. Also every single illegal immigrant should be dropped from welfare programs, immediately. Absolutely absurd that Americans are on a 5 year waitlist, while Mr. & Mrs. hopped-the-border are helping themselves to our tax dollars.
Sheryl not sure where you get your information, but undocumented migrants paid close to $100 billion in taxes, state and federal, in 2022, and that’s pretty well documented, and most won’t see any of the benefits of a citizen taxpayer. Please do more research from other sources because clearly you’re not seeing the whole picture.
The 18 to 20 million illegals that have invaded our borders are not always the ones paying into social security, and of the ones that do, are taking jobs away from US Citizens, like in Springfield, OH.
Sheryl is correct, why should illegals receive benefits on the tax payers dime? They get free housing, medical care, food stamps, etc…nothing is FREE, we, the US Citizens are paying! Our country is being torn apart at the seams because of Harris and the Dems!!!
Danny thabk you. I am in the industry and have been for 40+ yrs. Down payment assistance programs is NOT NEW! Whether offered by one of the big banks or a NON-PROFIT! It’s a benefit to those that can’t and will not be able to afford a home without assistance. Persons like Cardone only stands to keep homeownership out of the hands of the many! Let’s see what programs he’s been involved in with his commercial dealings building his empire. When it’s a CORPORATE handout, it’s OK. Those that are against this only care about themselves!
And Trump does? Please explain anything that Trump understands, that doesn’t involve fleecing people…please try.
Get em Martin…..
EXACTLY!
Trump is for the rich only. I wouldn’t trust him with a wooden nickel.
Also the $25,000 will be forgiven.
I don’t care if Harris doesn’t understand housing. I care if my candidate understands the US Constitution. Her opponent does not. Clearly, neither does Grant Cardone. I’ve run for political office as a Republican (I’ve been an Independent since 2014). I’m a veteran. Policies and issues do not matter this election year. The only thing that matters is the survival of our Republic and its foundational document, the United States Constitution.
kamala has either no experience or an awful track record. she’s an anchor baby, not Constitutionally eligible to be POTUS. she is handled, trotted out to spew what her handlers want her to say/do. That’s how it’s always been for her, that’s what they want, they do the thinking, she’s just a sock puppet willing to go along w the destruction of America.
Well said Jay. Several other good perspectives. As for the others: A vote for Comrade Kamala is a vote for the demise of the Bill of Rights and for more suppression of freedom/the Free Market. But go ahead and lie to yourself. I’m for a Constitutional Republic and much less Government. We are not a Democracy, we are a Free Market society. I’m not for handouts and freebies or subsidies to any Corporation. If you are able bodied, you work. We help each other freely, by free will NOT because our Government demands it. Takers suck! Oh and if you think the FBI, Big Gov’t or The Media is on your side, good luck. Malcolm X said it best: “The media’s the most powerful entity on earth. They have the power to make the innocent guilty and to make the guilty innocent, and that’s power.” Work hard and quit blaming others is a start.
Yet she’s still way ahead of her opponent, who doesn’t understand ANYTHING. If you don’t believe me, ask a farmer who got crushed by the tariffs the last time we elected this buffoon, and wait until they take hold if he’s elected again.
““Kamala Harris is either financially illiterate, incompetent, or she believes that her voters are. Her plans come up every week as something new,” said Cardone in an interview on Fox News. “Kamala does not understand housing …” or economics. PERIOD.
“Equality” by Ed Bellamy 1898 QUOTE, “I believe the average price of votes in close elections in America in my time was about two dollars.” WOW! Kamala Harris is willing to pay $23,000, $25,000 plus maybe even $7,000 more. James on September 26, 2024 at 7:42 am
Today’s democrats are all about socialism, higher income taxes and self promotion. All of thier talks about helping people are hot are to get the poor to vote for them.
🎯🎯🎯 Carmen
The 25k only applies to first generation homebuyers. This excludes anyone who’s parent or grandparent owned a home. Doesn’t leave a lot of people that have lived and paid taxes in this country, does it?
Nola’s correct. First generation buyers are the ones eligible for the $25k. Who are we talking about here? If only the voters heard the truth about this campaign promise.
The basic economic reality that eludes Harris is that increasing demand ($25,000 taxpayer funded give-away to Kamala’s preferred homebuyers) in a supply-constrained market (housing) will increase prices and exacerbate supply shortages. We saw that occur as the result of Kamala’s Inflation Acceleration Act, which nearly tripled mortgage rates and drove inflation to historic highs – 9.2% in 2022; over 20% cumulative during Harris’ Admin.
Harris’ failures are based on her Marxist “values”. Her knee-jerk response to every problem is more government spending and regulations. The best way to improve housing affordability is to increase supply and lower costs, which requires reduction in government regulations that Harris has proved she is vehemently opposed to; she is a big-government leftwing radical. Repeating the same failed policies and expecting a better outcome defines insanity: Harris’ policies.
Based on the impacts and results of their respective presidential administrations, it is clear that President Trump is much better for the Americans and the U.S. economy, particularly housing. President Trump’s policies resulted in lower costs (average mortgage rates and inflation for his 4 years were lower; inflation was under 1.8%, ending at 1.4% in 2020). In addition to lower inflation, President Trump reduced regulations that are impediments to housing, jobs and wage growth.
Clearly, Americans are better off under Trump’s economic policies than Harris’.
So well said David, it’s back to the basics of understanding Econ 101! Amazing how many people do not understand this😢
Spot on, David. Trump’s economic policies are the way to go. Kamala doesn’t even answer any questions. She just circles around with her word salads. She doesn’t understand economics. That is crystal clear.
Buyer incentive credits have been around in DC for years and spurred first time home buyers. It is unfortunate that some people have negative opinions versus understanding that the more home owners in this country, the more property taxes, the more they will spend on their living conditions and keep our economy going, besides having peace of mind that they own. And, of course we can built 3 million homes in 4 years. If you decide to do it instead of all this talk and then no action. As Biden says….this is America, where you can do anything if you want to. Fall out of the box you live in
I agree, Kamala Harris doesn’t really understand much about anything. But dream on Cardone – we would have to experience another worldwide catastrophe, say like a pandemic, for rates to drop to 4%.
Corey, or even higher inflation under Harris🤬
I believe Kamala’s plan is a tax credit of $25,000, not a gift or grant. So what advantage is there for a first time homebuyer if they still to get the down payment or qualify for the loan. It could be up to a year before the buyer sees a tax credit and I doubt it would be $25,000 anyway if they owe less than $25,000 in taxes.
Come on man…Most people like paying higher prices and higher taxes, besides that, the Border Czar will make sure the invading army will take a large portion of jobs that low skilled black and brown Americans would have worked at and that is good for keeping them in their “place” and growing the government plantation of more desperate and dependent people.
🎯🎯🎯 Bryan!
Yes, and they will be living over the Costco!
Cardone really laid out his thoughts and backed up his statements. He sounds about as lightweight as Kamala Harris. Apparently it doesn’t take much to promote a personal platform these days.
Anytime government interfers in the market, it almost always makes things worse. However, to answer the question: “So why would you want to build 3 million when we’re 4 million short? Who are the 1 million that don’t get the house?” That’s easy, if you understand the Marxist left. White male veterans.
There are ALREADY first-time home buyer grants in most states. Not for 25K, but there are ways to help buyers. Not everyone is meant to own a home. Some people don’t want to worry about the roof, etc. The goal in life is to ACHIEVE the American dream, not have it given to those who don’t want to work for it. This country needs to stop giving away things for free and reward those who work hard to improve themselves and their station in life. We are not a bottomless pit of money. Our dollar has lost value compared to most other countries. Not worth even close to what it was years ago. SMH