Investors should approach the market very cautiously both abroad and here in the U.S., Joseph Grano, the chief executive of consulting firm of Centurion Holdings and former CEO and chairman of UBS told CNBC Wednesday.
"We have to get people stabilized relative to real estate" in the U.S., Grano said. "Every community we live in, the life blood is real estate taxes. If rates continue to go down in terms of values we're going to have a serious problem."