Sun 12 Apr 2009
[The Housing Helix Podcast] A Lot Of Professionals Are Crackpots
Posted by Jonathan J. Miller under The Housing Helix Podcast1 Comment
This week I reflect on the media explosion over Manhattan’s housing woes (A1 NYT version) and Nightly Business Report and some of the remaining gatekeeper thinking. While London is falling down but not as much, it’s time to revisit the word “recovery.†Bernanke said recovery in 2010. Technically it’s not a recovery when “L†or “J†shaped. I also recommend a great Inman story on non-experts and social networking.
Here’s whats new on The Housing Helix Podcast
A Lot Of Professionals Are Crackpots
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April 13th, 2009 at 1:20 pm
Yessssss! I like the L shaped recovery label for this correction. In other words the cycle itself is correcting or being corrected. The participants in the mortgage bubble so grossly overshot any reasonable objective and the housing market has now showed ‘em how much.
While you are on the professional = crackpot roll please address the appraisal profession, which may have more than its fair share of the crackpots. I suspect that it has to do with most of the known professions exercising some sort of advocacy for their clients, while we appraisers advocate for our own opinions (that has got to be nirvana for a crackpot). That is just simply something nobody can seem to handle. It is one thing to be a fiduciary and quite another to be a guardian of the exclusive truth. We’ve some work to do in understanding what sort of a professional an appraiser is supposed to be so we can tell the users with some measurable credibility why it is that we are experts. Your contributions in that regard are helping immensely, and one of these days shooting mortgage appraisals mostly from the hip at an underwriter’s target will be a memory.