News media coverage and the predictability of house prices
利用彭博终端新闻趋势功能构建美国50个州的住房媒体关注指数，发现该指数能显著解释未来房价变动，尤其在非追索抵押贷款法、严格土地使用法规和社会联系度高的州影响更强，且可作为住房市场方向的早期指标。
Abstract This article introduces new housing‐media‐attention indices for the 50 U.S. states based on the Bloomberg Terminal News Trends (NT) function, which collects articles from various news and social media sources and identifies their content using artificial intelligence tools. The results indicate that the state‐level housing‐media‐attention index explains a significant portion of the total variation in future house prices, even when economic fundamentals are considered. Additionally, I find that the impact of housing media attention on future house prices is stronger in states with non‐recourse mortgage laws, greater land‐use regulations, and higher social connectedness among individuals of both low and high socioeconomic status. Out‐of‐sample forecasting results further suggest that housing media attention has the potential to act as an early indicator of the direction of the housing market.