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, an appraiser dubbed 'the Wikipedia of Manhattan real estate.'” –Barrons
“Jonathan Miller: the true God of real estate data.” –Fredrik Eklund, The Eklund Gomes Team / Bravo’s MDLNY
“Jonathan Miller: One of the most famous appraisers in America today.” –Phil Crawford, 'Voice of Appraisal' Radio Show
“Then there is Miller’s authority in residential appraisals.” –Reuters
“Jonathan Miller delivers real estate news in language even a blogger can understand.” –Curbed DC
“Jonathan Miller is an incredible real estate analyst, a true Rockstar on NYC metro luxury markets.” –Ivy Zelman, CEO, Principal, Zelman & Associates
“The oracle of New York City real estate: Jonathan Miller.” –Amir Korangy, Publisher, The Real Deal
“Jonathan Miller, the go-to expert on all residential real estate figures.” –Crain’s New York Business
“Matrix: One of the top five U.S. real estate blogs.” –Inman News
“Our sherpa in the land of broker euphemism for the current state of the housing market.” –New York Observer
“It’s tough to find the good guys..Fortunately we found one. His name is Jonathan Miller.” –Glenn Beck, CNN
“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
“If market guru Jonathan Miller said it, it must be true.” –Stuart Elliott, Editor-In-Chief, The Real Deal
“Jonathan Miller, the appraiser who is the savviest observer of the local residential market.” –Crain’s New York Business
“Miller is the best real estate blogger out there.” –Bankrate
“Jonathan is a legend, one of the most quoted appraisers and experts in the industry.” –Dottie Herman, President and CEO, Douglas Elliman
“Jonathan Miller: One of the best finance people on Twitter.” –Business Insider
“Miller is arguably the most influential voice in residential property valuation markets today.” –Altos Research
“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
“Jonathan Miller is the most trusted (and quoted) man in New York real estate.” –New York Observer
“Jonathan Miller, Go-To Appraiser. Appraising the state of real estate.” –Barry Ritholtz 'Masters in Business,' Bloomberg Radio
“His prescient 2012 declaration that “luxury real estate is the new global currency” was repeated as gospel...” –New York Post
“"Between the Bricks" Columnist gives a 2016 Data Brick to Jonathan Miller for keeping the industry honest.” –Lois Weiss, New York Post
“Jonathan Miller...Manhattan’s most revered independent appraisers of residential property.” –Daily Telegraph (UK)
“Check out Superstar Appraiser Jonathan Miller’s blog Matrix for the latest in depth information on NYC housing.” –Urban Digs
“Miller’s more than 20 years of real estate experience comes out in this no-nonsense blog.” –Seeking Alpha
“Our man Jonathan Miller drops the truth bomb.” –Barry Ritholtz, The Big Picture Blog
“Somebody-explain-this-crazy-market-to-me guy Jonathan Miller.” –Curbed New York
“Jonathan Miller is well-known for taking the pulse of Manhattan real estate.” –PBS Nightly Business Report
“A Curbed reader goes all 'Jonathan Miller' on us.” –Curbed New York
“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
“Jonathan Miller of Miller Samuel is a NYC real estate "cultural icon."” –Katherine Clarke, New York Daily News
“Jonathan Miller: One of the top 25 most influential U.S. real estate bloggers.” –Inman News
“Jonathan Miller is 'one of the most important people in real estate.'” –Elizabeth Ann Stribling-Kivlan, President, Stribling & Associates
“Jonathan Miller is one of the icons of the real estate industry.” –Real Estate Board of New York
“Jonathan Miller, President of Miller Samuel and real-estate savant.” –Curbed Miami
“Jonathan Miller is a master of his craft...we are lucky to have him as an advocate for appraisers.” –Phil Crawford, ‘Voice of Appraisal’ Radio Show
“If New York real estate is a sport, one of its most prominent score keepers is Jonathan Miller.” –New York Daily News
“Miller Samuel CEO Jonathan Miller holds the key to the luxury real estate market.” –Deirdre Bolton, Anchor, Fox Business
“Jonathan Miller, the demigod of New York real estate stats.” –New York Observer
“Jonathan Miller: The man who knows.” –Real Estate Weekly
“Jonathan Miller, the most popular guy on the block when talking about real estate in New York.” –Tom Keene, Bloomberg Radio
“Jonathan is considered the 'dean of appraising' in the industry.” –Donna Olshan, President, Olshan Realty Inc.
“His market reports are to the Manhattan housing market what those brackets are to the NCAA Tournament.” –New York Observer
“Jonathan Miller—the data whisperer” –Brick Underground
“Jonathan Miller delivers the unflinching and un-fluffy truth about an industry he knows inside out.” –Teri Rogers, Brick Underground
“Jonathan Miller is 'a complete pro, a shining star in the real estate industry.'” –Donna Olshan, President, Olshan Realty Inc.
“Jonathan...understands how to take numbers and explain them to people in a way that makes sense.” –Dottie Herman, President and CEO, Douglas Elliman
“In the real estate world, Jonathan Miller is where street-smart meets book-smart.” –Jed Kolko, Chief Economist, Trulia
“Should we have seen this coming?...I spoke to appraiser Jonathan Miller 3 years ago.” –Jane Wells, CNBC
“Jonathan Miller’s blog Matrix. Completely Keanu Reeves-free real estate economics, not for beginners.” –Curbed San Francisco
“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
“Jonathan Miller, owner of New York City’s Miller Samuel and one of the nation’s most prominent appraisers” –Money Magazine
“Jonathan Miller: He's the guy with 'boots on the ground' when it comes to real estate.” –Tom Keene: Bloomberg TV, Surveillance
“A web site 'worth visiting.'” –Realtor Online Magazine
“When it comes to markets trends, nobody knows the multiple NYC real estate markets better than Jonathan Miller.” –John L. Heithaus, CSO, Buyside
“JM makes real estate stats talk in language that normal people understand.” –Teri Rogers, Brick Underground
“Jonathan Miller...one of the nation’s most prominent appraisers.” –Money Magazine
“Why is Jonathan Miller’s Matrix required reading? …He grabs you right from the start.” –New York Times
“Jonathan Miller is the DJ Khaled of real estate.” –Stefanos Chen, New York Times
“Jonathan Miller: Best online real estate expert.” –Money Magazine
“Market Analyst Jonathan Miller: Thank the Flying Spaghetti Monster he's on our side.” –Curbed Miami
'Three Cents Worth' column 3CW ('05-'16)
When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.
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This post previously appeared in the August 14, 2020 edition of Housing Notes. I’ve been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look… Read More