Billionaire investor Leon Cooperman says the S&P 500 won't hit a new high for years – and house prices will probably fall

• Leon Cooperman told Insider in an interview he thought stocks were overvalued.
• The billionaire investor said he didn't expect the S&P 500 to hit a fresh high for a long time.
• Cooperman said a "rolling correction" was underway and house prices were likely to drop.

Leon Cooperman said stocks were overpriced, and the S&P 500 wouldn't notch a fresh high for a very long time.

"I made my money being a bull, but I find myself somewhat pessimistic at the present time," the billionaire investor and philanthropist told Insider in an interview this week.