The Real Deal Miami

Housing double-dip, or post-tax credit effect?

March 31, 2011 03:11PM


On the heels of news that U.S. home prices fell for the sixth straight month in January, New York-based appraiser Jonathan Miller, president and CEO of Miller Samuel, appeared on CNBC’s Realty Check to counter the notion that what we’re seeing now is a so-called “double dip” in the housing market. “The phrase double-dip is something of a mischaracterization,” Miller said, because last year’s homebuyer tax credit gave the illusion of a partial recovery. “Technically it’s a double-dip, but it’s really not; we’re just where we would have ended up if we didn’t have government intervention,” he said, adding, “I’m not characterizing housing strong. It certainly has a lot of issues.”