The long-suffering U.S. housing sector appears to have stabilized, Donald Trump told CNBC’s “Squawk Box” on Tuesday, citing “very cheap” prices that are poised to rise in the near-term.
Major markets like Miami and New York are doing “unbelievably well”, the real estate mogul said, while other cities are also showing signs of recovery.
When asked by investors what they should buy, “I say ‘Go buy a house,' because the fact is it’s a great time to buy,” Trump said. “I believe strongly that prices are going to be going up … very substantially over a period of time.”
Still, Trump argued that the broader economy was defying the recovery in housing markets, and it was still difficult for most consumers to obtain financing. “Financing is readily available for people that are rich, for people that don’t need it. If you need it, you cannot get financing.”
In response to a question about whether he found U.S. banks an attractive bet, Trump spoke favorably of J.P. Morgan Chase , adding that he was considering buying its shares. CEO Jamie Dimon has handled the banking giant’s recent troubles “very, very elegantly,” Trump said.
“I think I’m going to go out today and buy some [J.P. Morgan] stock,” he said.