Sam Zell, chairman of Equity Group Investments, reportedly claims the real estate cycle is coming to an end.

There is more supply than demand, Zell said during a real estate panel at the Milken Institute Global Conference in Beverly Hills, Calif., on Monday.

“The U.S. is not a particularly attractive market,” Pensions and Investment Online quoted the billionaire chairman of Equity Group Investments as recently saying. 

“The odds are performance will be less than rather than more than.” And the capital available to invest in real estate is “able to turn on a dime” more than most people would expect, Zell said.

To be sure, a recent report finds that many homes are worth less now than just before the last Great Recession.

Nationally, just 1 in 3 homes are worth more now than they were at their peak. While tech hubs in the Bay Area and Denver and job centers like