Elon Musk warns house prices are set to plunge – and says commercial real estate is in meltdown

MarketsInsider/Zahra Tayeb/5-30-2023

“Elon Musk is once again ringing the alarm on the US real estate sector. ‘Commercial real estate is melting down fast. Home values next,’ the Tesla and SpaceX chief tweeted on Monday. The tech billionaire made the comment in response to a tweet by Craft Ventures founder David Sacks, who pointed out a big chunk of commercial real estate debt is due to mature soon.”

USAGOLD note: There will be repercussions…… in the banking sector and the overall economy. Let’s hope they are not major.