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Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured. "All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.
Really???
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured. "All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.
This is what happens when you have the same people in charge of the information that also runs the business. Gee who would have thought they'd fudge figures to make themselves look better?
Sounds more likely as an honest mistake than subterfuge. Look at the timing. If this were a nefarious plot more likely it would have been released at 4:30 on a Friday afternoon, as with the DOJ 'corrections' of bungled gun enforcement ops.
Or perhaps it would have been released just before the election, or just after, depending on whether the intent was to help or hurt the incumbent.
I'm actually liking seeing practically zero new home construction in my area. Theres a new development near a golf course with upscale homes and they haven't started anything new for over a year with many of the lots still sitting empty.
They are building a new drugstore, thats about it.
The Nation Assoc. of Realtors (NAR) is one of the most willfully ignorant organizations in the country. This is dangerous and borders on corrupt. They have fudged these numbers for years . Just take a look at some of the older archives at zerohedge.com when they showed this discrepancy in the numbers. Why didn't the NAR act way back then? It's not difficult to find the error in their math.
From your article: "some properties were listed more than once". Not ALL not MOST.
Exaggeration much?
P.S., The realtors themselves DON'T do the tabulating.
From the link first posted:
Quote:
Early this year, the Realtors group was accused of overcounting existing homes sales, with California-based real estate analysis firm CoreLogic claiming sales could have been overstated by as much as 20 percent.
Quote:
While NAR hasn't revealed exactly how big the revision to home sales will be, the agency's chief economist Lawrence Yun said the decrease will be “meaningful.“
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