{"id":43059,"date":"2023-05-31T17:40:41","date_gmt":"2023-05-31T05:40:41","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=43059"},"modified":"2023-05-31T17:40:41","modified_gmt":"2023-05-31T05:40:41","slug":"true-or-false-elon-musk-warns-house-prices-are-set-to-plunge","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/true-or-false-elon-musk-warns-house-prices-are-set-to-plunge\/","title":{"rendered":"True OR False? Elon Musk warns house prices are set to plunge"},"content":{"rendered":"<p><strong>PHOTO: Elon Musk. <span class=\"copyright\">CNBC<\/span><\/strong><\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>Brace for the intense pressure on commercial real estate to spread to house prices, Elon Musk says.<\/li>\n<li>&#8220;Commercial real estate is melting down fast. Home values next,&#8221; the tech billionaire tweeted.<\/li>\n<li>Investors are worried about real estate in a period of higher interest rates and tighter lending.<\/li>\n<\/ul>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/who-are-the-movers-and-shakers-of-the-nz-real-estate-industry\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2023\/05\/Movers.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Movers\" width=\"460\" height=\"270\" data-attachment-id=\"101177\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/who-are-the-movers-and-shakers-of-the-nz-real-estate-industry\/movers\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2023\/05\/Movers.jpg?fit=652%2C367&amp;ssl=1\" data-orig-size=\"652,367\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Movers\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2023\/05\/Movers.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2023\/05\/Movers.jpg?fit=652%2C367&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/who-are-the-movers-and-shakers-of-the-nz-real-estate-industry\/\" rel=\"bookmark\">Who are the \u2018MOVERS AND SHAKERS\u2019 of the NZ real estate industry?<\/a><\/h2>\n<\/header>\n<\/div>\n<p>Elon Musk is once again ringing the alarm on the US real-estate sector.<\/p>\n<p>&#8220;Commercial real estate is melting down fast. Home values next,&#8221; the Tesla and SpaceX chief\u00a0tweeted\u00a0on Monday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Commercial real estate is melting down fast. Home values next.<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1663238551406772245?ref_src=twsrc%5Etfw\">May 29, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The tech billionaire made the comment in response to a tweet by the Craft Ventures founder David Sacks, who said that a big chunk of commercial real-estate debt was due to mature soon.<\/p>\n<p>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 was\u00a0&#8220;by far the most serious looming issue,&#8221;\u00a0and cautioned regional banks could experience a wave of defaults because of their huge exposure to the sector.<\/p>\n<p>The debt-fueled industry has kept investors on edge in recent months, given that it faces a raft of headwinds. These include higher interest rates, tighter credit conditions, and work-from-home trends.<\/p>\n<p>JPMorgan estimated that about\u00a0$450 billion in commercial real-estate\u00a0debt set to expire this year could default. Meanwhile, Morgan Stanley Wealth Management said commercial-property prices could\u00a0tumble 40% from their peak\u00a0in light of the sector&#8217;s troubles.<\/p>\n<p>The US housing market is also dealing with similar problems, which likely explains Musk&#8217;s view that prices were set to topple. Morgan Stanley reported that\u00a0home sales have bottomed\u00a0as higher borrowing costs crippled demand with experts warning of a\u00a0potential 15% to 20% plunge\u00a0in prices.<\/p>\n<p>In response to historic inflation, the Federal Reserve has hiked rates from virtually zero to upwards of 5% since last spring. While the pace of price increases has slowed, the painful combination of higher borrowing costs and steeper prices threatens to weigh on demand and economic growth.<\/p>\n<p>Moreover, lenders are pulling back in preparation for further bank runs after a wave of deposit withdrawals toppled Silicon Valley Bank and Signature Bank in March. Those forces are putting downward pressure on asset prices, fanning fears that the prices of houses and commercial spaces could suffer.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/uk.sports.yahoo.com\/news\/elon-musk-warns-house-prices-173607263.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAHHIbKrmy37TVEs3wHcEAEg6fynkurSnb2PfumeuRGpnY9mlDlyv4p1Uu7_szuQtmlB66tAtmwAz8i77X6NUIBW-RhX5gAGQ23JGs_ipckmD4a0WS_v8zB69Wdrx0V_p8QvQZQTykU8z8KqmlnX_7xNZc-q1v_8MoeCFZbsxHj_3\">YAHOO<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"wpp-list\">\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/drug-addled-australian-real-estate-agents-spiral\/\" target=\"_self\" rel=\"noopener\">Drug-addled Australian real estate agent\u2019s spiral<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/the-ancient-stone-city-proof-of-nz-civilisation-before-kupe\/\" target=\"_self\" rel=\"noopener\">THE ANCIENT STONE CITY: Proof of NZ civilisation before Kupe<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/claims-about-jacinda-arderns-wealth\/\" target=\"_self\" rel=\"noopener\">Claims about Jacinda Ardern\u2019s wealth<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/tina-turners-76m-home-in-switzerland-was-simply-the-best-watch\/\" target=\"_self\" rel=\"noopener\">Tina Turner\u2019s $76M home in Switzerland was SIMPLY THE BEST | WATCH<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/arec-2023-day-1\/\" target=\"_self\" rel=\"noopener\">AREC 2023 \u2013 Day 1<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/auckland-boatshed-tipped-to-sell-for-over-1m\/\" target=\"_self\" rel=\"noopener\">Auckland boatshed tipped to sell for over $1m<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/abandoned-land-for-sale\/\" target=\"_self\" rel=\"noopener\">Abandoned land for sale<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/he-sometimes-struggled-to-pay-staff-but-owns-a-4m-holiday-home\/\" target=\"_self\" rel=\"noopener\">He sometimes struggled to pay staff, but owns a $4m holiday home<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/jeff-bezos-lauren-sanchez-will-have-massive-prenup-for-140b-fortune-watch\/\" target=\"_self\" rel=\"noopener\">Jeff Bezos, Lauren S\u00e1nchez will have massive prenup for $140B fortune | WATCH<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/new-maps-reveal-places-at-risk-from-coastal-flooding\/\" target=\"_self\" rel=\"noopener\">New Maps Reveal Places At Risk From Coastal Flooding<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Elon Musk. CNBC Brace for the intense pressure on<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/true-or-false-elon-musk-warns-house-prices-are-set-to-plunge\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":43060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098525,478103602,478098535,478098511,478098509,478122600,478104481,478125400],"class_list":["entry","author-data123nz","post-43059","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-commercial-real-estate","tag-elon-musk","tag-house-prices","tag-real-estate","tag-real-estate-news","tag-u-s-house-prices","tag-us-housing-market","tag-us-real-estate-sector"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>True OR False? 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