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Realtors Over-Counted Home Sales For 5 Yrs

From an unfazed Reuters:

Existing home sales to be revised down from 2007: NAR

Tue Dec 13, 2011

WASHINGTON (Reuters) – Data on sales of previously owned 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 has been reported since January 2007 is being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.

"We’re capturing some new home data that should have been filtered out and we also discovered that some properties were being listed in more than one list."

Notice how careful they are to not tell us how far down the number will be revised.

Still, why would realtors have done this? What could they possibly gain from telling the public that housing sales were higher than they actually were?

The benchmark revisions will be published next Wednesday and will not affect house prices.

Wanna bet? These realtors just can’t help themselves, apparently.

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.

At the time, the NAR said it was consulting with a range of experts to determine whether there was a drift in its monthly existing home sales data and that any drift would be "relatively minor."

We reported back in February that the National Association Of Realtors had been accused of overcounting homes sales by as much as 20 percent. Which the NAR scoffed at. But now it looks like they are going to have to come out and admit it.

Still, the next thing you know we will find out we have been lied to by the Obama administration about the unemployment rate, and the inflation rate, and the GDP.

This article was posted by Steve on Wednesday, December 14th, 2011. Comments are currently closed.

One Response to “Realtors Over-Counted Home Sales For 5 Yrs”

  1. P. Aaron says:

    As a licensed Realtor, I have to ask, what am I paying dues for? To work a juiced market?

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