This holiday break has interjected a little philosophy into my thinking, so don’t panic. I am sure this will pass and I will be back to my old dull and boring mode in a few days. Here goes…
From mid-2005 through the fall of 2006, the key words used to described the national housing market were:
- Soft Landing
This language was universally used by bloggers, big media, real estate brokers, buyers, sellers, butchers, bakers and of course, candlestickmakers.
Ok, I got a little carried away but you get the point: everyone.
At some point, the extreme message got a little stale. I don’t mean to sugar coat the problems with the national housing market in any way. The change in the default message bias is what has changed and I find that pretty interesting. Here’s a very small sampling of typical upbeat news coverage of the housing market.
I think the recent coverage of slowing inventory growth and rising new home sales (despite the fact that this statistic is utterly useless given its deviations) combined with the optimism of the New Year and the fatigue of shouting the same old message, likely brought about the change in the conversational angle.
It was similar to the 60 day transition from the phrase housing bubble to soft landing. Or when various congressional testimony or a Greenspan term interjected new popularity behind terms like froth and gravitas. Herd mentality 101.
So here is the new official phrase for the housing market (irregardless of the positive or negative nature of your local realty reality) for 2007: