Posted by Jonathan J. Miller -Wednesday, March 30, 2011, 10:27 PM 2 Comments
I’ve been slammed as of late and Matrix has been dark for a week and a half – good grief – it pains me – what better way to come back to blogging than to have an energetic interview with Tom. Always fun.
BTW, I’m now the mayor of the Bloomberg HQ cafeteria on Foursquare.
The wives of Washington Mutual Inc.’s two top executives when the nation’s largest thrift collapsed in 2008 were accused by the Federal Deposit Insurance Corp. of illegally moving cash and houses into trusts in an effort to shield the assets from legal claims.
The former chief executive of Freddie Mac has received notice that he may face civil action from the Securities and Exchange Commission as part of its continuing probe of whether the firm properly disclosed its exposure to subprime loans.
Posted by Jonathan J. Miller -Thursday, March 17, 2011, 3:39 PM 3 Comments
It’s time to share my Three Cents Worth on Curbed DC, at the intersection of neighborhood and real estate in our Nation’s capitol.
…As a Manhattan real estate appraiser who grew up in the Washington, DC metro area, I thought it would be appropriate to link the two markets in my inaugural Three Cents Worth DC column for Curbed. One of the things that seems to be missing from the DC metro area housing market discussion is some historical context…
Posted by Jonathan J. Miller -Wednesday, March 16, 2011, 11:06 AM 3 Comments
I read a great NYT Op-Ed article this weekend by David Brooks called “The New Humanism:
Reason, which is trustworthy, is separate from the emotions, which are suspect. Society progresses to the extent that reason can suppress the passions.
This has created a distortion in our culture. We emphasize things that are rational and conscious and are inarticulate about the processes down below. We are really good at talking about material things but bad at talking about emotion.
There has been a groundswell of this type of reasoning from the brokerage community as of late – I wrote about “Analysis Paralysis“
I asked the question – does it come down to “ignorance is bliss” versus “knowledge is power”?”
I was reminded of the Op-ed piece when I read Fred Peters’ interesting take in Warburg Blog post It’s Not All In Your Head which basically addresses the paradox.
I think he is saying that we can’t be too dependent on one or the other approach and like mortgage lending, the pendulum has swung too far. The brokerage community, coming from a gatekeeper legacy which extolls “It’s always a good time to buy” versus the blogosphere mantra, a la Felix Salmon/Reuters “It’s never a good time to buy.”
Posted by Jonathan J. Miller -Monday, March 14, 2011, 1:05 PM Comments Off
[click to open release]
These days I have added reporting on the DC and Baltimore housing markets to our suite of market research – this time for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in the country.
I grew up in that region of the country and it’s been fun to analyze it. What got me excited about the index I created is the fact that it is released about 3-4 weeks sooner than NAR’s version and is 5-6 months faster than the point where contracts are signed for the Case Shiller Index and the FHFA Home Price Index.
Here is the DC headline from March release (February results):
“There was a 33 percent year-over-year increase in the number of contracts signed in February, the largest increase in more than a decade,” says housing market expert and RBI analyst Jonathan Miller. “The number of signed contracts remains 13.7 percent below the ten year average but activity has begun to expand. Unusually restrictive mortgage lending conditions continue to keep housing prices in check.”