Jonathan Miller, author of a popular Manhattan housing report for Douglas Elliman, recalls that when he first reported a slowdown in the sales market, way back in 2005, disbelieving brokers called him, griping about the validity of his numbers.
“You could feel the tension in the brokerage community, because it was the first issuance of bad news after a huge run-up from 2003 to 2005,” Mr. Miller, president and CEO of appraiser Miller Samuel,...
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