I had a great conversation with Lauren Lyster on Yahoo! Finance, Daily Ticker on the super high end housing market. Incidentally, if she switched from TV Host/Reporter to real estate, she’d have the best name in the real estate brokerage business.
Here’s a recent list of high priced sales.
Tags: Daily Ticker, Yahoo! Finance, Lauren Lyster
Source: Yahoo! Finance
I had a nice conversation with Lauren Lyster today over at Yahoo!’ The Daily Ticker.
I find the bifurcation (yes Bernice, I actually used this word!) between those who see the housing market as recovered and those who don’t fascinating. A recovery is a process and we are in the middle of it – but it hasn’t reached it’s destination. As far as the <7% unemployment comment in their post headline goes…I see housing as normalizing when employment normalizes – not that 7% is a trigger for housing to suddenly recover below this threshold. Nuance, baby.
Why else would so many fret about rising mortgage rates? Nearly every comment on the video – 146 when I wrote this, referenced the weakness of the job market, under employed, lower wages.
I think rising rates are a good thing for housing, long term because they take some of the froth out of the market. Seriously – how can prices rising more than 12% YoY with flat income, high (but improving) unemployment and tight credit? One could even argue that a better rate spread with higher rates and bank business decision pressure to loosen standards as refi volume drops sharply will bring some easing to underwriting standards eventually.
Aside
If you want to get some clarity, watch this video earlier this morning over at The Daily Ticker on Why Investors Should Ignore Economists. No one makes a point more clear (or more bluntly) than my friend Barry Ritholtz.
Tags: Barry Ritholtz, Daily Ticker, Yahoo! Finance
[click for video]
I was interviewed on the Daily Ticker by Yahoo! Finance’s very sharp Lauren Lyster on a USAToday story that Millennials now entering the housing market. Basically I agree but we are very early in the process. Household formation has been restrained since the financial crisis began 5 years ago but rising rents and falling mortgage rates are perhaps forcing the issue.
Tags: Lauren Lyster, Yahoo! Finance, Daily Ticker, USA Today
Had a spirited conversation with my friend Dan Gross, the economics editor at Yahoo! Finance who has a new book out.
Something I thought about before the show that I sort of mentioned but I will mention a lot more going forward:
The state of the housing market is a process rather than a moment.
ie “bottom” becomes “bottoming”, “recovery” becomes “recovering”, “turned the corner” becomes “turning the corner”.
Tags: Case-Shiller, Dan Gross, Daily Ticker, Television, NAR
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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) designation, is an Appraiser “A” Member of the Real Estate Board of New York, and is a member of RAC.
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