Worst Damage Ever to U.S. Housing [WATCH]

As concerns over the U.S. housing market continue, real estate investor Grant Cardone publicly criticized Federal Reserve Chairman Jerome Powell, blaming him for what he called the nation’s worsening housing crisis.

Cardone made the comments during an interview on Mornings with Maria on Monday.

Cardone, the CEO of Cardone Capital, argued that decisions made by Powell and the Federal Reserve have had a significant negative impact on both the housing market and the American middle class.

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“He [Jerome Powell] has done more damage to the middle class and to housing in this country than any other single Fed or any decision that has ever been made out of Washington, D.C.,” Cardone said during the broadcast.

Cardone pointed to the continued high interest rates set by the Federal Reserve as the key factor driving down housing affordability and market activity.

According to Cardone, the elevated rates have discouraged potential buyers, leading to an oversupply of homes on the market.

“That’s why you have 500,000 more homes listed than buyers for those homes,” Cardone said.

“When the rates come down, prices will also come down with it because you’ll have more supply in the marketplace, and supply is what controls prices.”

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Cardone’s comments follow the Federal Open Market Committee’s decision in May to keep the federal funds rate unchanged at a range of 4.25% to 4.5%.

In an interview with FOX Business’ Jackie DeAngelis, Cardone challenged the notion that interest rates directly control prices.

Instead, he emphasized the role of market participation and liquidity in driving home prices.

“Interest rates do not control prices,” Cardone said.

“Activity is what makes the economy work. When you have a high supply but no demand because rates are too high, you don’t have buyers coming in to reach those homes [so] the prices stay up.”

Cardone continued by stating that, although inflation has declined, Powell has not adjusted the rates accordingly.

He called for immediate action to reinvigorate housing activity.

“If you want homes to move in this country, we need investors back into the marketplace and we need buyers back in the marketplace able to get a low interest rate,” he said.

Cardone also credited President Donald Trump for helping bring down inflation through what he described as positive market sentiment.

He said the drop in inflation was due to “President Donald Trump’s enthusiasm, optimism and speculation of opening up the marketplace.”

President Trump has also been critical of Powell’s monetary policy decisions.

In a post on Truth Social, the president called on Powell to cut rates significantly.

“‘Too Late’ at the Fed is a disaster!” Trump wrote.

“Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!”

Trump is right. Eight rate cuts in Europe since we had one here. (And those rate cuts happened just before the election of a sitting Democrat regime running for re-election. Probably a coincidence.) https://t.co/8l2tVx9bJx

— Clay Travis (@ClayTravis) June 6, 2025

The Federal Reserve has not signaled any upcoming rate cuts.

Meanwhile, the housing market continues to experience rising inventory levels and decreasing buyer activity, especially in markets sensitive to borrowing costs.

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