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The Perot Group Chairman Ross Perot Jr. says new home sales ‘depend on the market,’ which is facing inflation and rising interest and mortgage rates.
Billionaire businessman and The Perot Group and Hillman Chairman Ross Perot Jr. predicted a real estate slowdown on “Mornings with Maria” Wednesday, noting that rising inflation and interest rates are creating a “headwind” against the market.
ROSS PEROT JR.: It all depends on the market. And certainly interest rates going up makes a home more expensive, it’s going to slow down sales. But you’ve got high-growth markets where you’ve got such a waiting list for home buyers. In Texas, the buyers are basically working through their waiting list. The builders are working through the waiting list.
Billionaire businessman and real estate expert Ross Perot Jr. said the market faces a “headwind” from rising inflation and interest rates, likely creating a slowdown. (iStock)
You still are getting homes sold, but it’s going to slow down. And you’ve got the inflation of the home, plus the interest rate on the home – that’s a headwind, and so it will slow down.
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EXISTING HOME SALES FALL FOR THIRD STRAIGHT MONTH, SLOWEST PACE IN 2 YEARS
We don’t have to have a recession. But if we keep these policies up, Maria, we will have a recession. And we’ve got to get pro-growth. We’ve got to be pro-business. We’ve got to encourage the American entrepreneur to continue to grow, to continue to hire. And we’ve got to get inflation under control, which will take a year or two to do. But we can do it.
WATCH THE FULL INTERVIEW BELOW
The Perot Group Chairman Ross Perot Jr. argues current fiscal policies will lead the U.S. to a recession.
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