July 21, 2006

California housing panic: Help the head economist for their realtor association come up with a new term to replace the discarded "Soft Landing"


This is almost so funny it's sad. And isn't it amazing to see everything we've predicted (and gotten beaten up for) coming true in front of our eyes? Man, the wheels must have really come off the cart for the head cheerleader to sound suicidal. Next David Lereah will come out with a mea-culpa.

You can email Leslie here. Let's here your best suggestions. I'll take "Housing Panic" of course as well as "Epic Housing Meltdown".

Housing Expert: 'Soft Landing' Off Mark -Leslie Appleton-Young is at a loss for words

The chief economist of the California Assn. of Realtors has stopped using the term "soft landing" to describe the state's real estate market, saying she no longer feels comfortable with that mild label.

"Maybe we need something new. That's all I'm prepared to say," Appleton-Young said Thursday.

The shift in language comes as debate over the real estate market is intensifying. The long-awaited drop-off is happening, but there's little agreement about how brutal the landing will be.

Federal Reserve Chairman Ben S. Bernanke said in congressional testimony Thursday that the national housing downturn so far appears orderly.At about the same time, however, D.R. Horton Inc. Chief Executive Donald Tomnitz was telling analysts that the home builder's sales in June "absolutely fell off the Richter scale."

The Realtors association last month lowered its 2006 sales prediction from a 2% slip to a 16.8% drop. That was when Appleton-Young first told the San Diego Union-Tribune that she didn't feel comfortable any longer using "soft landing."

"I'm sorry I ever made that comment," she said Thursday. "When I get my new term, I'll let you know."

29 comments:

autofx in Phx said...

It IS a soft landing, if you're a home renter who sold a home at the top, with little or no debt and no money tied up in the stock market.

Robert Coté said...

Fubar.
Screwed the ppoch.
Off the rails.
Falling knife.

She has the words, she doesn't have the heuvos to speak them aloud.

Tom DC/VA said...

The long slide.

Anonymous said...

THe Dropppp.
Free Fall.
Death Spiral.
slip n dip.
nose dive
and last but not least
bursting bubble.

single4life said...

High Hard One
Going Flaccid
Ankle Grabber
Limp Biscuits
Saggy Tits

And FINALLY...

Freudian Slip

borkafatty said...

Thanks for the ride it was fun while it lasted..

By the way can you spare a dime.

Mark in San Diego said...

October November CRUNCH Month!

That is when the panic will set in as the "summer selling season" didn't/hasn't happened. . .cocktail chatter is now about "how low will it go" around SD. . .and MSM has now picked up on this. There are a lot of quiet people at the table when this conversation starts. . .

Anonymous said...

Flipper Flippity-Flop

Cutting and Running

Dot Condoh!

This Poor House

Humping the Shark

American Ugly

Doing Da Limbo Stick

of course, nothing beats the all time classic:

HOUSING PANIC!!!

Anonymous said...

No suggestions but Kieth that inage is laugh out loud funny.

Anonymous said...

Ramp strike

Anonymous said...

paradigm shift toward a negative profit outlook

Editor said...

Here Leslie, I'll help you out:

"Controlled Landing"

Anonymous said...

single4life said...

"Freudian Slip"

No, FRAUDIAN SLIP

BubbleShanker said...

Soft landing, the plane is crashing into the freaking mountain, and no one can stop it, short everything and profit.

Waiting for the whites of their eyes said...

The guy across who inhereted the house across the street from me let the listing expire and took the house off the market. He dropped from $200K to $190K but I saw no activity. Maybe I will offer him $150K this winter.

Here fool, heeeerrre fooool...... said...

Oh, I was overhearing a couple of black guys in the hall at work. One was telling the other how it works. "You take the $100K equity from your house and use it to buy another." This place is still bubbling. Bidding wars too. Greater fools still in Huntsville, AL.

Pat's Steak said...

Holy exploding cluster f**k, batman!

First off, I must commend you on finding the most insane but on topic photos for this blog.

Is it me or does that guy have a 'zen' like look on his face. OR (like many f**k borrowers) he's calmly looking disaster in the face without a friggin clue?!

Alan P. said...

Zen, yes, zen. The housing bubble descriptions are getting more and more realistic. Might I suggest the "I have egg on my face from a fallen souffle and I am a naughty kitten" market?

Anonymous said...

Fraudian slip

LOL

do you think the average Realtor would even recognize the double entendre?

In the event of a "water landing" leave all your equity behind

WestchesterChick said...

Come on Leslie - It's in your best interest to start talking hard landing so people lower their prices and your kind can start getting paid again - even if you don't deserve it

Anonymous said...

Dirty House Sanchez

Anonymous said...

The Great Greenspan Froth Flatuating

Anonymous said...

No bubble! Just a little froth coming off the market in a few local markets such as California, Florida, The Entire East Coast, The SouthWest, The Northwest, and The Mid East. Waco Texas real estate for example seems to be holding up very well.

Anonymous said...

I'm an airline pilot, how about "gear-up landing".

skytrekker said...

The media message from the Highly paid Wall Street wags and fund managers is now this; The market will 'stabilize' nrxt year and 'fully recover' by 2008.

This time line is the 'new consensus' scenario by those with a vested interest. I want to see them eat crow in July 2007.

Anonymous said...

I Remember the Downturn in the late 70's - Empty Property everywhere - No Construction work anywhere - I worked for my mother in law - who owned a high end carpet store in So-Cal and I only worked 15 hours a week - times were tough then and gas had gone up to like 70 cents a gallon from like 40 Cents - long gas lines - hell times were hard as hell and I figure this will be much worse. in the 70's we had a large manufacturing base of good jobs - not anymore - who the hell do you think is supporting the middle classes - a little hint - in the last 8 years 70% of all good paying jobs were created as a result of Real Estate. A zillion new RE Agents - lots of Painters - Roofers - Carpet layers - Electricians - Carpenters - Loan Brokers - Real Estate Bankers - and On and On. The Masses who alread owned homes and their value went up Re-Fied their property - took cash out along with their lower rate and purchased that new Beemer or Urban Assult SUV - took Crusies - Bought New Styling clothes and had a Negitive Savings Rate. Well now the Reverse is happining - layoffs and More Layoffs - No Cash left to squeeze out of the old Homestead anymore. and those ever larger Home Payments are still due every Month. I am Scared I have been alive a long time and I have never seen a situation where almost everyone stands to loose a very lot of Money over the next few years - the only untouched ones will be the ones with NO DEBT - LOTS OF CASH - AND who Keep Quiet about their Favorable Position so as not to Enflame anyone - Desperate People do Very Desperate Things. God Help us All...

Anonymous said...

Boy I sure hope you are way off base.. I'm feeling sick...

No soft landing said...

I am also a pilot. In military and civil aviation there is a term for a real hard landing. It is "crash and burn". Seems appropriate.

Anonymous said...

Hellllllllllloooooooooo

Get Some Great Information about real estate investing . If your interested in finding out how the experts deal in real estate then visit http://realestate.opportunitiesinfo.com