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The Cromford Report: The Effect of COVID19 On AZ Real Estate Market
The Cromford Report: The Effect of COVID19 On The Arizona Real Estate Market 
Hi Everyone,
We are all interested in exactly what effect COVID19 is having on the Real Estate Market. Here are some observations from the Cromford Report that you might find interesting…
Please let me know if this is helpful.
 
Broker Mike Salyer
 
March 18 - A number of people seem to assume that we are heading for a recession and that home prices will fall. The first assumption is quite reasonable. The second assumption is based on fear and has little analytical data to back it up. Obviously anything can happen in a uncertain and disrupted world, but a fall in home prices is still looking very unlikely from today's numbers.
In 2005 the housing industry started to sicken because homes were being used as speculative commodities not for places to live. In 2005 I met a man in his early 20s who owned 12 homes in the Phoenix area, all with no occupants. How had he been able to buy them? 100% loans from unscrupulous lenders who went bust between 2007 and 2010. The housing industry (and more particularly the lending industry within it) was the cause of the 2008 recession. Phoenix was ... more

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