Skip to comments.Realtors: We Overcounted Home Sales for Five Years
Posted on 12/13/2011 7:22:15 PM PST by WilliamIII
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.
(Excerpt) Read more at cnbc.com ...
The good news is that dismal sales next quarter won’t look so bad in comparison.
I’m disgusted to be a part of this industry
I bet this will do wnders for th e economy. Watch stocks rally tomorrow.
Well at some point when you are padding the books for Obama, you have to reset the values near reality, or you end up with impossible numbers. Guess that is now for the real estate end of things. Nice after 5 years of lying, they finally come clean.
People trade off of and make investment decisions based on numbers like these. Professional’s livelihoods depend on accurate assessment of the economy (of which housing is huge) and those that are affected by it. like Lowes for example.
Maybe a criminal investigation is warranted.
What a bunch of idiots. About as reliable a GW ‘scientists’.
It’s gotta really hurt for these guys to tell the truth once in a while.
Great. This means the housing market has further to fall until it reaches its bottom. The economy is so far from recovery that I wonder if we’ll even be seeing any true positive growth of any significance until the next decade.
My children’s future looks very bleak.
Can we start calling this the Second Great Depression, now? Can everyone agree to that and stop lying about it and stop saying that things “unexpectedly” looked worse this week?
We should have let the whole friggin’ thing crash back in 2008, and started over again. Now after all the trillions spent on bailouts, all it’s done is delayed the inevitable and made the inevitable even worse.
Consider the timing. It happened at the exact moment the industry was in trouble.
For guys like me betting that they were lying?
For every winner, there’s a loser.
Women and children hardest hit by lower sales??
The bailouts did make it worse. And we sent money to Europe in the TARP package. We’ll send them money now, too. That won’t help them. The European Union might be torn in half over their monetary difficulties. I really think they will end up with two groups of nations... the winners and the losers.
And after that, our crash is coming. We can’t afford our unfunded liabilities and we are going to have to service our debt. Obama has spent us into a painful reality with a complicit Legislature that helped him. Both Houses are guilty, including John Boehner’s House. All of this is by design.
And I don’t care how much money you have saved up. The global economy is going to be rocked.
Everyone is in for a world of pain. Life won’t ever be the same.
All the more reason not to believe the figures from the Government the xxxx association, trade group, etc. If they are big and important enough to have a label, their probably lying. Most of the time, you can just look around and see that their figures don’t make sense and are probably wrong.
Wow. Just wow. All the people who traded on the fake numbers just have to eat the loss I guess. I wouldn’t stick one thin dime in this market under any circumstances. If you still have any money in the market and you don’t have inside access, you deserve what’s coming to you.
E.g. the weekly jobs claims which are revised upward 99% of the time. But of course no one at BLS has taken a class in statistics and revised their methodology to account for the obvious bias.
You're so right. So many of us know that so many others are so dishonest. So...what now?
Look on the bright side- think how much better the numbers for next year will look in comparison. Why, I bet sales double or better, and in an election year, too, whodathunkit....
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