Miller says credit won’t come back for a while

Jonathan Miller, president and CEO of appraisal firm Miller Samuel, sat down with Fox Business News to talk about the state of the commercial and residential markets. Miller said the contraction of credit is the major problem in both markets, and although mortgages are available, you have to put more money down. Miller said that it will be a few years before credit comes back, and in the spring there will be an increase in activity, but it will just be seasonality and the level of transactions won’t actually improve.