Economist Peter Schiff warns of a potential housing crisis as mortgage rates surge. Despite the increase, home prices have remained high, causing concern for a possible housing emergency. Pending home sales have dropped, with experts attributing the decline to limited inventory and lack of appealing options. Schiff emphasizes that rents continue to rise annually, reflecting broader cost-of-living pressures. Real estate investing is highlighted as a hedge against inflation, with Warren Buffett endorsing it as a productive asset. Schiff cautions that a housing market adjustment could lead to defaults and homeowners walking away from their properties.

Read more at Yahoo Finance: Peter Schiff predicted the 2008 housing crisis, and he’s warning of a ‘housing emergency’. Is he right this time?