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Mutikani reports: "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."

For sale signs in Kirkland, Washington, 12/04/11. (photo: The Tim/Agbeat.com)
For sale signs in Kirkland, Washington, 12/04/11. (photo: The Tim/Agbeat.com)



Realtors: We Overcounted Home Sales for Five Years

By Lucia Mutikani, Reuters

14 December 11

 

he 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."

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

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."

The depressed housing market is one of the key obstacles to strong economic growth and an oversupply of unsold homes on the market continues to stifle the sector.

Malony said the Realtors group had developed a new model that would allow frequent benchmarking instead of waiting 10 years for the population Census data to revise their figures.

 

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+11 # Tippitc 2011-12-14 17:19
And the clowns are running the circus!! Chalk up another one in the "Oops" column - NAR either needs to go back to first grade and learn to count (take off your shoes if you must) or get some IT that knows what they are doing!!
 
 
+15 # Rick Levy 2011-12-14 18:14
So that means the rate /number of foreclosure in the same period is even higher than acknowledged?
 
 
+11 # John Locke 2011-12-14 22:56
Sorry, I am not buying into that this was an accident! I think we were intentionally misled so things would look better than they actually were, just like we have constantly been lied to about the true numbers of the unemployed...an d the unemployment rate, of course it drops when people are no longer collecting unemployment because their payments have stopped...it sure would be nice if this government would stop lying to us and be honest for once!
 
 
+5 # SouthBrun 2011-12-15 04:54
Realtors are rapidly gaining a reputation on par with a sleazy used car salesman. It's the greed that gets them.
 
 
+3 # boudreaux 2011-12-15 08:30
Quoting SouthBrun:
Realtors are rapidly gaining a reputation on par with a sleazy used car salesman. It's the greed that gets them.



And I've never met a salesman that could tell the truth in any way. I avoid them like the plauge....right on S.B.
 
 
+6 # mwd870 2011-12-15 06:27
Is anyone surprised by this?

"The depressed housing market is one of the key obstacles to strong economic growth and an oversupply of unsold homes on the market continues to stifle the sector."

Here's an idea. Congress/federa l agencies work on the depressed housing market instead of fixating on why the wealthiest 1% can't contribute fairly to this country's welfare.
 

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