Bruce Norris, one of California’s leading hard money lenders is worried about the state of the industry.
Bruce Norris said real estate investors are “rightly concerned” about the trajectory of the property market. He will hold a seminar on his latest findings and forecasts at the Riverside Convention Center on Feb.4, according to a news release.
"The California real estate investor community is rightfully concerned and I'm selling most of my holdings," Norris said. "Prices have leveled and decreased in some geographic regions, several areas have blown through past-peak prices, and many are worried how state and national leaders will balance growth with rising deficits on the backs of life-time low interest rates and dismal GDP growth."
Norris said as Baby Boomers retire, the “kicking-the-can-down-the-road” approach must end; unanswered broken systems will affect retirees and the real estate industry.
"There are decisions that must be made in the next few years or the trajectory of debt will be irreversible,” Norris said. “I'm not convinced that the tough decisions will be made, so we will play several scenarios out eight years and see where we land. To me, that will have everything to do with where it will be safe and profitable to put money."
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