Real estate tycoon Grant Cardone is celebrating President-elect Trump's victory over Vice President Kamala Harris, and says he believes Trump's return to the White House will result in significant rate cuts by the Federal Reserve.
Cardone, the CEO of Cardone Capital, was present at Trump's Mar-a-Lago resort election night watch party overnight when the former president was declared the winner of the race, and says Trump will be quick to address the housing crisis facing the U.S.
President-elect Trump with Cardone Capital CEO Grant Cardone (Grant Cardone / Fox News)
"We have a massive, massive real estate problem in this country – he knows it," Cardone told FOX Business of Trump in an interview Wednesday.
"The only thing that relieves this problem is [Trump] applying tremendous pressure on the Fed to reduce rates, and I believe he will do that," Cardone continued. "I believe we get rate reductions – historical rate reductions – in the next 12 months."
President-elect Trump has vowed to fix America's housing shortage. (Chip Somodevilla / Getty Images)
Cardone said cutting rates will not only reinvigorate America's stalled housing market, but will relieve the commercial real estate debt problems the country is facing. He argues that mortgage rates, which are currently near 7%, must come down to 4% or lower.
The real estate investor, who has a portfolio of more than $5 billion in properties, predicts that soon after Trump returns to the White House in January, the Democratic Party will pressure the media to claim that the U.S. is in a recession and that unemployment numbers are bad.
"You're going to see all these big headlines to make it hard for him, but that's actually going to help him reduce rates and get housing and this commercial problem solved," Cardone said. "So I think Donald will be great for real estate. In fact, I think he's the only person that can solve the problem."