Tesla CEO Elon Musk recently added the housing market into the mix of his Twitter commentary.
- Katie McKellar
- May 17, 2022
- 1 min read
Updated: Apr 18, 2024
Elon Musk on housing bubble: ‘They dug their own graves — a lesson we should all take to heart’
Musk weighs in on housing: Musk’s commentary stemmed from a tweet by Dogecoin co-founder Billy Markus (who uses the Twitter name Shibetoshi Nakamoto) saying cryptocurrency was “created as a statement against central bank control” after the Great Recession that followed fallout from the 2008 housing bubble burst, which was fueled by a subprime mortgage crisis.
Today, the U.S. housing market continues to see home prices skyrocket, surpassing 2006 levels. Those home prices accelerated dramatically over two years ago, when the COVID-19 pandemic sent the market into upheaval as many Americans reevaluated their lives.
Researchers and Economists at the Federal Reserve Bank of Dallas have warned they are seeing early signs of a housing bubble brewing — but they also say it’s not the same as the 2006 housing bubble that preceded the Great Recession.
“However, there is growing concern that U.S. house prices are again becoming unhinged from fundamentals,” Federal Reserve Bank of Dallas researchers wrote in a blog post in March.
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