Most Baby Boomers cannot afford assisted life and weigh the housing market staying in their home, “says Oracle of Wall Street”

• While baby boomers are seated collectively in $ 75 trillion in wealthThis is not evenly distributed, that is, many cannot afford to leave and instead have to stay at home. According to the analyst Top Wall Street, Meredith Whitney, the housing market is weighted.

Baby Boomers is dragging on the housing market because most cannot afford to leave their homes, according to Meredith Whitney, the Wall Street Oracle “which predicted the great financial crisis.

In a Interview with Bloomberg TV On Wednesday, he said that many Americans trapped in cash have been lent against their homes, and 44% of equity loans at home are taken away by seniors, “which is counteinuous. It’s crazy, right?”

This is contrary to the typical story of the baby boomers sitting in large amounts of wealth accumulated throughout their lives, which encompassed unprecedented economic expansions and stock booms.

As a result, older money with a lot 42% of all home buyersWhile millennials represent 29% despite the youngest generation in the purchase years.

But although most buyers are boomers, it does not mean that most boomers have a giant cash pile.

“I divide it into different cohorts,” said Whitney. “So the senior that everyone believes that” boomers have all this money, it is a small part. The elders are alive to pay. ”

By the way, boomers have collectively 75 trillion dollars of wealth. But this is not distributed evenly and Whitney estimated that only one in ten seniors can afford assisted life facilities.

As a result, many are forced to stay -he added. (Mortgage rates stubbornly have also created a “blocking” effect where the owners who came to the market when the rates were low now are reluctant to buy a new house at current debt costs.)

“This is one of the problems with the inventory of housing,” Whitney told Bloomberg. “They stay longer in their homes because they cannot afford to leave.”

Unemployment forecast for 2025: 6%

In the meantime, it hopes that the economy will slow down in the midst of the Donald Trump trade war, especially in the retail and hospitality sectors, and predicted that the unemployment rate will increase to 6% until the fall, to the current level of 4.2%.

This is still far below 10% high that reached the unemployment rate during the great financial crisis and Whitney does not see parallels between the current economy during the crisis.

Part of reason is because the banks are much more capitalized now than they were at the time, when the sub-first mortgages were weighed the balance sheets.

But she sees a “mild, medium” recession in which Wall Street still does not have to be priced.

“Great banks will not be involved now, but the consumer will fight and will fight more. And this will translate into loss of work,” Whitney said.

This story originally presented to Fortune.com