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Real Estate ‘A Tremendous Buy’: CEO

Supply shortages and interest rates will continue to be positive for the real estate market, Colony
Capital CEO Tom Barrack said Tuesday.

“Look, it’s a tremendous ‘buy,’ he said. “The good news for the home builders is they started planning
profitability five years ago.”

On CNBC’s “Fast Money,” Barrack said that the market was still hot.

“Demand is exponential,” he said. “Affordability at the entry level may get hit a little bit, but traditional
rates on 30­year fixed­rate mortgage, which has been the best investment for Americans, has always
been in the 6s for the last 10 or 15 years.”

Interest rates on a 30­year fixed­rate mortgage were below 4 percent this week.
Barrack sounded bullish across the real estate spectrum.

“The supply is so dismal in every category, in every category of home building, in every category of
rental,” he said. “We bought 13,000 houses. We’re renting them in 21 days.”

Multifamily units were seeing rents higher by 15 percent over the last 12 months, he added.
As the rate of foreclosures on approximately 6 million homes in the United States speeds up, the
demand for rentals for 6 million families would also rise, Barrack said.

“Housing today is not a bubble,” he added. “There may be a bubble in the Fed, which is necessary to
make what’s happening happening, a slow, soft increase in jobs and predictability. Housing is the best
buy for the average American because they can vote with their feet. You can get a Fannie or Freddie
loan, even on a second house, and if you have a FICO score and a $20,000 down payment, you can
be in business.”

http://www.cnbc.com/id/100825324

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Get In Touch

  • HomeRep Inc.
  • Real Estate Where Your Heart Is.™
  • 7930 Parsons Pine Drive
  • Boynton Beach, FL 33437
  • O: (800)HOMEREP
  • O: (800)466-3737
  • F: (888)466-3737
  • E: Info@HomeRep.com