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  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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  "pageNumber": 55,
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  "notes": "The chart shows a sharp spike in existing home sales during 2020 followed by a recent decline, supporting the 'normalization' thesis.",
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      "kind": "callout",
      "text": "In the near term, Porch has benefited from a large increase in existing home sales (as mortgage rates hit historic lows) and home remodeling activity picked up during the COVID-19 lock downs. However, as the economy opens up and long-term interest rates begin to rise, we believe it could become a headwind for Porch's growth story.",
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      "text": "In the near term, Porch has benefited from a large increase in existing home sales (as mortgage rates hit historic lows) and home remodeling activity picked up during the COVID-19 lock downs.",
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      "text": "Total Existing Home Sales, SA Annual Rate",
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      "text": "Existing Home Sales: 6,220,000",
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      "kind": "quote",
      "text": "Rising Mortgage Rates Are Starting to Become a Problem — Bloomberg, March 29, 2021",
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      "text": "Source: National Association of Realtors. 1) “Rising Mortgage Rates Are Starting to Become a Problem”, Bloomberg, March 29, 2021",
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      "text": "Some Recent Tailwinds Look To Become Headwinds As Housing Normalizes",
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