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on Monday, the Tesla and SpaceX chief said house-price declines will accelerate as increasing borrowing costs price homebuyers out of the market. "This will accelerate, as high interest rates make homes less affordable," Musk said in response to a chart showing falling global house prices. In a separate tweet, Musk used a single exclamation mark to underscore his concern about rising borrowing costs. He wasSeveral market experts have been ringing the alarm on US house prices, given the Federal Reserve has hiked interest rates by 500 basis point since early 2022 in a bid to cool high inflation.
Higher rates typically drag on home prices as they inflate mortgage payments and financing costs. That in effect reduces demand for houses, putting downward pressure on prices.This is not the first time the billionaire has made