At first glance, the headline on coverage of the annual State of the Nation’s Housing report issued today by Harvard’s Joint Center for Housing Studies:
…and an Ivy League degree will get you a ham sandwich:
Ok thats way too harsh, but in reality, job creation is THE important point – since we lost sight of that during the credit/housing boom (when consumers didn’t need to have a job to get a mortgage). In other words, job creation will be needed to carry the torch from the federal tax credit stimulus. Job creation as an offset to the rising foreclosure problem is the key.
Even as the worst housing market correction in more than 60 years appeared to turn a corner in 2009, the fallout from sharply lower home prices and highunemployment continued. Byyear’s end, about one in sevenhomeowners owed more ontheir mortgages than their homeswere worth, seriously delinquentloans were at record highs, and foreclosures exceeded twomillion. Meanwhile, the share ofhouseholds spending more thanhalf their incomes on housing waspoised to reach new heights asincomes slid. The strength of job growth is now key to how quickly loan distress subsides and how fully housing markets recover.
Right now, feedback I’m being in various housing markets across the US suggests home sales are falling sharply in the post-stimulus housing world.
We’d better get back to work.
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Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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“Jonathan Miller...Manhattan’s most revered independent appraisers of residential property.” –Daily Telegraph (UK)
“Expert Appraiser Jonathan Miller: New York City’s Real Estate Data Wizard” –Epoch Times
“Renowned appraiser and [Matrix] real estate blogger, Miller is a statistical wizard. Can dodge bullets in slow-mo.” –Real Estate Tomato
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“Jonathan Miller...one of the nation’s most prominent appraisers.” –Money Magazine
“In this ever changing NYC market, Jonathan’s reports give me an accurate snapshot at any given time.” –John Gomes, The Eklund Gomes Team / Douglas Elliman Real Estate
“Then there is Miller’s authority in residential appraisals.” –Reuters
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“Miller Samuel CEO Jonathan Miller holds the key to the luxury real estate market.” –Deirdre Bolton, Anchor, Fox Business
“Jonathan is a legend, one of the most quoted appraisers and experts in the industry.” –Dottie Herman, President and CEO, Douglas Elliman
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“Jonathan Miller of Miller Samuel is a NYC real estate "cultural icon."” –Katherine Clarke, New York Daily News
“Check out Superstar Appraiser Jonathan Miller’s blog Matrix for the latest in depth information on NYC housing.” –Urban Digs
“Jonathan Miller is one of the icons of the real estate industry.” –Real Estate Board of New York
“Jonathan Miller, owner of New York City’s Miller Samuel and one of the nation’s most prominent appraisers” –Money Magazine
“Jonathan...understands how to take numbers and explain them to people in a way that makes sense.” –Dottie Herman, President and CEO, Douglas Elliman
“Our sherpa in the land of broker euphemism for the current state of the housing market.” –New York Observer
“His quarterly reports on the New York City-area market is considered required reading among real estate professionals.” –Reuters
“New York real estate maven Jonathan Miller.” –Slate
“A web site 'worth visiting.'” –Realtor Online Magazine
“Matrix: One of the top five U.S. real estate blogs.” –Inman News
“Miller is the best real estate blogger out there.” –Bankrate
“When it comes to markets trends, nobody knows the multiple NYC real estate markets better than Jonathan Miller.” –John L. Heithaus, CSO, Buyside
“A combination of Godzilla, King Kong, and Hurricane Katrina all wrapped up in one as he wreaked havoc on the housing market.” –New York Sun
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“JM makes real estate stats talk in language that normal people understand.” –Teri Rogers, Brick Underground
“Miller’s more than 20 years of real estate experience comes out in this no-nonsense blog.” –Seeking Alpha
“Jonathan Miller is well-known for taking the pulse of Manhattan real estate.” –PBS Nightly Business Report