Real Estate Catastrophe Looms, Says Peter Thiel; Young People and Middle Class at Risk

Homeownership was once a key part of the American Dream. Now, it feels out of reach for many. Incomes have not kept up with housing costs. Renting is getting more expensive. At the same time, big investors are buying homes, making it harder for regular buyers to compete. The real estate market is in trouble. Home prices and mortgage rates keep rising. Billionaire investor Peter Thiel believes a “catastrophe” is coming. He warns that young people and the middle class will suffer the most.