About that crazy idea mentioned…

If a home buyer who puts less than 20% down is required to buy mortgage insurance for the lender, shouldn’t we also require lenders who make loans with less than 20% down to buy mortgage insurance for the primary-home buyer to compensate them if their house’s value falls more than 20%?

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Now on my Substack for free, ”2 Reasons House Prices Will Start Falling Sooner Than Expected.

What a great son Michael Orr is!

I can’t update my charts until later this week because Michael Orr of The Cromford Report has personal business to take care of.

He moved back home to England a few/several years ago to take care of his aging parents and, in addition, kept updating the data and running The Cromford Report from there. His mother passed last year but apparently, because of Covid, they delayed her memorial until now.

Michael, I’m so sorry for your loss.

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This good news is bad for real estate because it means the Fed will keep interest rates higher for longer, and no sector is more sensitive to interest rates than housing.

Click on the graphs to go to the full-size, interactive version.

Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).

This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.