For more than two decades, if a reporter in Washington needed someone to explain where the American housing market was headed, there was a good chance they called Michael Sumichrast. He was the chief economist of the National Association of Home Builders, an author, and one of the most quoted people in the housing industry.
He was also Martin Sumichrast's father. Martin, the youngest son, grew up in Washington, D.C., in a family shaped by the work ethic of parents who had arrived in America with very little. This is a short tribute to the man behind that example.
Michael Sumichrast's Early Life in Czechoslovakia
Michael Sumichrast was a native of Czechoslovakia. He lived through some of the hardest decades in Central European history: the Second World War, the Slovak National Uprising, and the communist seizure of power that followed the war.
According to trade press coverage of his life, he fought against the Nazis and later left the country after the Communists took over. His memoir describes an escape from communist Czechoslovakia by boat across the Danube.
Leaving was only the start. His Slovak-language memoir recounts a period of exile, first in Australia and then in the United States. The English-language memoir describes a wait of roughly seven years before he could immigrate to America.
Michael Sumichrast's Immigrant Journey to America
He and his wife arrived in New York in the winter of 1955. The timing was not kind. The country was in the middle of what was known as the Eisenhower recession, and the couple, by the memoir's own description, were poor immigrants starting over.
From there, he built a career that would put him at the center of American housing policy. The distance between that New York winter and the offices of Congress and the Federal Reserve is a big part of why his story still resonates with his family.
That background mattered at home, too. The work ethic of his Eastern European immigrant parents shaped Martin Sumichrast's own approach to business.
Michael Sumichrast, Chief Economist of the National Association of Home Builders
Michael Sumichrast served as the top economist at the National Association of Home Builders from 1965 until he retired in 1986. Over those years he became the public voice of the homebuilding industry on economic questions.
His reach went well beyond the trade association. He advised several presidents, worked closely with the Federal Reserve, and frequently testified before Congress on housing. His Washington Post obituary credited him with helping make NAHB one of the more influential trade groups in the country.
He also became known for calling turns in the market. During the recession of the late 1970s, he predicted a housing crash as the Federal Reserve sharply raised interest rates. In a 1983 interview with The Christian Science Monitor, he forecast that the average American house price could reach $100,000 within about two years, and talked about a future of smaller, more open and more energy-efficient homes.
One of the Most Quoted Voices in American Housing
When Michael Sumichrast died in 2007, at age 86, his Washington Post obituary called him one of the most quoted people in the housing industry for more than 20 years. The numbers back that up. According to the obituary, as reported by ProBuilder, his name had appeared in The Washington Post 182 times since 1977, in The New York Times 150 times, and in Associated Press reports 635 times.
Being quoted that often takes more than expertise. It takes a willingness to give a clear answer, on the record, about something as uncertain as the economy. Reporters kept coming back to him for decades.
His forecasts were direct, including when they pointed to trouble, as his late-1970s warning of a housing crash did. Newsrooms, members of Congress and the Federal Reserve kept turning to him on interest rates, prices and demand for the better part of two decades.
He died of respiratory failure in Potomac, Maryland.
Books by Michael Sumichrast
Michael Sumichrast wrote for the public as well as for policymakers. His books include:
- The Complete Book of Home Buying. First published in 1980, this guide was later revised as The New Complete Book of Home Buying, with checklists, mortgage tables and advice for first-time buyers. Martin Sumichrast co-authored the book with his father, and the father-son edition was published by Dow Jones-Irwin.
- Opportunities in Financial Careers. A career guide covering banking, securities, insurance and accounting. Martin co-authored this book with his father as well, and it was published by McGraw-Hill.
- Rebirth of Freedom: From Nazis and Communists to a New Life in America. His memoir, published in 1999, telling the story of the war years, his escape and his new start in the United States. A Slovak-language memoir covers the same life from his years in Czechoslovakia through his exile.
The two father-son books are a lasting record of the family connection. They also mark the start of Martin's own life as an author, which continues with his forthcoming book, Getting Sheared.
Remembering Michael Sumichrast
Michael Sumichrast's life covered an unusual amount of ground: a soldier against the Nazis, a refugee from communism, a newcomer in a recession-era New York, and finally one of the best-known economists in Washington. His son Martin lives in Charlotte, North Carolina, with his wife and four children, and carries the same story forward.
You can learn more about Martin's family background on the About page, find the books he wrote with his father on the Books page, and read about the causes he supports on Giving Back. For Martin's own travels, including his early work in Prague, visit Travel.