HGTV ‘Flipping 101’ host on housing: We’re in ‘craziest market I’ve ever seen’
Tarek El Moussa says the housing market will 'peak' when entry-level buyers can't purchase a home
HGTV ‘Flipping 101’ host: We’re in ‘craziest market I’ve ever seen’
HGTV ‘Flipping 101’ host Tarek El Moussa on flipping homes in the current market.
HGTV "Flipping 101" host Tarek El Moussa told FOX Business' Stuart Varney on "Varney & Co." Thursday that the current housing market is the "craziest" he’s ever seen.
TAREK EL MOUSSA: I think once the affordability index disappears, meaning the entry-level buyers can't buy a home, I think we're going to see some changes. You know, I think the entry-level buyer, if they have to pay a million dollars as an entry-level home, I think I think we're going to start seeing the peak of the market. When is that going to happen? I have no idea. It might be a year from now. It might be three years from now, but we've just been in the craziest market I've ever seen.
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In my opinion, there will not be a crash, but there will be a correction, and it's different because people have skin in the game. They have equity in their homes. People in California bought a house in 2010 for $250,000. Today it’s worth $750,000. Back in 2007, and 2008 everybody had zero down loans and they refinanced 100 percent of the equity.
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