Are you familiar with the name Hyman Minsky? We didn't think so, but the name is worth knowing. Minsky was an economist who wrote a short, but influential, monograph titled “The Financial Instability Hypothesis” 20 years ago. In short, Minsky hypothesized that the longer the good times roll, and the stronger the roll is, the likelihood for a catastrophic turnaround increases. Think what occurred to housing around 2008. 

Housing has been on a strong run for the past five years. To be sure, much of the run has been a matter of reclaiming ground lost after the housing bubble burst, but it has still been a strong run.  So, does this mean we're anticipating another housing-market correction? No, we think the market remains healthy. We don't see the speculative fervor that lead to the bubble that formed a decade ago. That said, we think it's a good idea to keep in mind where we are and where we've come from over the past five years. 

Few people were imploring people to look at housing to the degree we were post-2008. We still think housing is worth a look today. We just think it's worth being a little more discriminating while looking.

Information provided by Jessica Regan.

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