Looking at 2025 performance through late November, neither leg of the prediction holds at the major‑asset‑class level.

Legacy auto OEM equities
U.S. legacy automakers have been strong performers in 2025:

• General Motors is up about 30.7% year‑to‑date as of Oct. 31, 2025, according to StatMuse’s 2025 GM price series. (statmuse.com)
• Ford is up roughly mid‑20s% year‑to‑date by early October 2025, with StatMuse showing a 25–28% gain and Zacks noting +23.4% over the prior six months, outpacing many peers. (statmuse.com)
  These returns are better than, or at least broadly in line with, the S&P 500’s mid‑teens gain over a similar period, not “terrible” nor “among the worst.” (ftportfolios.com)

Some non‑U.S. legacy OEMs have indeed struggled—Stellantis’ stock is down on the order of 30–40% in 2025, and the European autos sector is described as one of the worst‑performing sectors in Europe this year. (investopedia.com) But because several large legacy OEMs (GM, Ford, Toyota) are solidly positive and even leading their industry groups, “legacy auto OEM equities” as a whole cannot be classified as one of the worst‑performing major asset classes in 2025.

Real‑estate investments / REITs, especially in overbuilt U.S. markets
Public real estate has been a relative laggard, but not a catastrophic one at the broad‑index level:

• State Street’s Q3 real‑assets review reports U.S. REITs up about 4.5% year‑to‑date by end‑Q3 2025. (ssga.com)
• A detailed REIT study shows the average REIT (equal‑weighted) at –4.69% YTD through Oct. 31, while the cap‑weighted Vanguard Real Estate ETF (VNQ) is +2.98% YTD, and the S&P 500 is solidly positive. (seekingalpha.com)
  So REITs underperform equities but still post low‑single‑digit positive index returns, and they are not clearly the worst major asset class (for example, inflation‑linked Treasuries and some bond segments have lower returns in some real‑asset scorecards). (ssga.com)

Within real estate, some overbuilt U.S. segments did face real pain—Sunbelt multifamily markets like Austin and Phoenix experienced oversupply, rent cuts, and heavy concessions, and a basket of large multifamily REITs is down roughly mid‑teens percent in 2025. (essexcapitalmarkets.com) That makes the directional call on specific overbuilt markets partly right, but the prediction was framed at the level of “major asset classes,” where broad REIT indices have only mildly lagged rather than collapsed.

Overall assessment
Because:

1. Major U.S. legacy auto stocks (GM, Ford) are up ~25–30% YTD and thus clearly not among the worst performers, and
2. Broad real‑estate/REIT indices have small positive or modestly negative returns and are underperformers but not clearly at the bottom among major asset classes,

the claim that both legacy auto OEM equities and real‑estate investments would be “the two worst‑performing major asset classes” in 2025 is not supported by the data available through late November 2025. The prediction, as stated, is therefore wrong.