Walker Webcast Sean Dobson, CEO of Amherst
4 snips
Sep 24, 2026 
Sean Dobson, CEO of real estate investment firm Amherst, joins a discussion on housing’s post-crisis landscape. They explore why high prices may not signal another crash, the mortgage lock-in effect, and the rise of single-family rentals. Other topics include housing legislation, debt markets, urban infill, market selection, and stagflation as the biggest macro risk.
AI Snips
Chapters
Transcript
Episode notes
Mortgage Lock-In Shrunk The Housing Float
- Cheap 30-year mortgages increased purchasing power while removing homes from the tradable market as owners became locked into unusually low payments.
- Housing supply therefore depends less on the total stock of homes than on the smaller float available for sale.
The Hard Hat That Warned Of Falling Prices
- Amherst warned about falling home prices in 2005, even as industry professionals considered the prediction absurd.
- The short initially lost 30%, but Dobson’s team maintained conviction because borrowers ultimately could not afford their existing payments.
The GFC Created A New Rental Customer
- Amherst entered single-family rentals after the GFC because lenders largely abandoned borrowers with imperfect credit.
- That created a durable renter population needing homes, while institutional investors wanted scalable, long-duration housing exposure.