John Malone Buys Housing in Currency Devaluation Bet

John Malone Buys Housing in Currency Devaluation Bet

Liberty Media Chairman John Malone said he’s increasingly invested in hard assets like housing and commodities as he expects a currency devaluation.

“We’ve survived this [pandemic] because of enormous fiscal and monetary stimulus,” Malone recently told CNBC. “And I’ve got to believe this will lead to devaluation of currencies, that hard assets … will increase in value in currency terms,” he said. “I’m not sure I’m gonna call this inflation, but it’ll look like and feel like inflation.”

Malone said he’s seen “substantial interests” in multifamily housing.

The media icon revealed that he bought irrigated farms.

“I’ve been trying to invest or diversify into hard assets,” Malone said. “You know, I think things I bought this last year, I’ve bought …substantial interests in … multifamily housing, primarily in the U.S.”

Meanwhile, homebuyers, facing tightening credit standards and skyrocketing prices, are putting up the biggest down payments in at least two decades, Bloomberg said.

The median down payment for single-family homes and condos in the U.S. was $20,775 in the third quarter, the most in records going back to 2000, according to a report from Attom Data Solutions. That’s up 69% from $12,325 a year earlier, before record low mortgage rates kicked the housing boom into a higher gear.

Borrowers put up 6.6% of the median sale price of homes financed in the quarter, up from 4.7% a year earlier and the highest level since 2018. The median loan amount in the quarter of $275,500 was the highest since 2000, up 24% from the third quarter of last year.

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