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- Cantor Fitzgerald CEO Howard Lutnick is warning of a "generational change" coming for real estate.
- Higher interest rates risk sparking a $1 trillion debt default wave Lutnick warned.
- That could wipe out "hundreds of billions" in value for property owners, he added.
America's real estate sector could see up to $1 trillion of debt defaults over the next few years, according to Cantor Fitzgerald CEO Howard Lutnick.
The billionaire Wall Street executive pointed to trouble brewing in the US real estate market, particularly in commercial real estate, where experts say there's around $1 trillion in debt approaching maturity over the next few years.