A Shark Tank star made this dark prediction about the American dream under Joe Biden

Americans are being crushed by a cost-of-living crisis created by Joe Biden.

The dream of home ownership is getting further out of reach for many.

And a Shark Tank star made this dark prediction about the American dream under Joe Biden.

Americans suffering from the housing affordability crisis

The country is in the middle of a major housing crisis under President Joe Biden.

Rising interest rates by the Federal Reserve to combat the inflation Biden created has caused mortgage rates to more than double, hitting a 22-year high.

Many homeowners are holding on to their current homes because of the low mortgage they previously secured.

This has contributed to home prices staying elevated despite slowing demand for mortgages because of constricted supply.

With the Fed poised to potentially cut interest rates later this year, many thought relief could be on the horizon for housing affordability.

Shark Tank offers surprising prediction about the housing market

Shark Tank star Barbara Corcoran – a major real estate investor – offered her prediction on where the housing market is headed during an appearance on Fox Business.

She said that interest rates coming down would fuel a surge in home prices as more buyers get off the sidelines with lower rates.

“I can’t explain the rates going up or down – that’s not my bailiwick,” Corcoran explained. “But what I can explain is if rates go down, just another percentage point, that’s what I’m hoping for, prices are going to go through the roof.”

The national average for a 30-year fixed-rate mortgage is about seven percent.

“Everyone will come out and buy. There are probably 10 buyers on the sidelines waiting for interest rates to come down that are actually active in the market,” Corcoran continued. “So everybody’s going to charge the market.”

The Fed has signaled that it plans on cutting interest rates three times later this year if inflation cools.

Corcoran cautioned potential homebuyers who hoped that housing would become more affordable after an interest rate drop.

“If you wait for interest rates to come down by another point, I don’t think you’ll gain. I think you’ll wind up paying more,” Corcoran warned. “Because I wouldn’t be surprised if real estate went up by another 8 or 10% if interest rates come down.”

“There’s a magic number that makes people get all juicy about,” Corcoran added. “And it just has to slide down there for everybody to say: let’s get out there and take advantage of it.”

She explained that the biggest problem facing the housing market was a lack of inventory.

“The cost of housing, I believe, will go up because it has been going up. It’s been going up for the last five years, despite the dire state of the shortage of houses,” Corcoran said. “So house prices have gone up 6% this year alone. But the real deal is, [there] is not enough houses to go around.”

Americans hoping that relief was around the corner with interest rate cuts looming could be in for a nasty surprise.

The American dream is becoming further and further out of reach for many Americans.

*Renewed Right Official Polling*

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