The real-estate billionaire, who made a fortune betting against the mid-2000s housing bubble, spoke to Insider about his current outlook on Tuesday. He predicted painful fallout from governments and central banks spending trillions of dollars during and after the pandemic to prop up their economies.
"You're firing a gun at the same dead body over and over again," he said."You've already killed the guy. I think that's what they're doing to the economy; it's just gonna cause catastrophes in a lot of industries." "People can't qualify for mortgages anymore," he said, noting the housing market has shifted from a state of frantic buying and bidding wars to paralysis due to rates rising. Sellers are mulling price cuts after receiving zero offers, whileMany people will eventually have to sell their homes for less than they'd like, for reasons like divorce or the loss of a family member. Unless rates decline soon, that's likely to pull down house prices, Greene said.