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 ...
and on top of this California is going to raising taxes!?. Give me a break liberalism is not only a joke it is pure evil.
Here’s a novel idea: forget the benchmarking and just accurately count the actual number of sales.
How friggin’ hard can that be?
AKA: This is the lie that corrects our previous lie.
Micah 6:11 "Can I justify wicked scales And a bag of deceptive weights?
Micah 6:12 "For the rich men of the city are full of violence, Her residents speak lies, And their tongue is deceitful in their mouth.
Micah 6:13 "So also I will make you sick, striking you down, Desolating you because of your sins.
MIC 6:14 "You will eat, but you will not be satisfied, And your vileness will be in your midst. You will try to remove for safekeeping, But you will not preserve anything, And what you do preserve I will give to the sword.
MIC 6:15 "You will sow but you will not reap. You will tread the olive but will not anoint yourself with oil; And the grapes, but you will not drink wine.
I don't about all of you, but what the Lord says about dishonesty DOES scare me. And, then there's this passage:
Proverbs 20:23 Differing weights are an abomination to the Lord, And a false scale is not good.
I don't have any more comment...the Lord states it pretty clearly.
Well that sucks. But is the Realtor count the count we actually use? Seems like we’d go by county sales numbers....
Ah, Jan 2007. Unemployment was under 5% and the ‘RATs just took over Congress.
“......Sales were weaker than people thought,” NAR spokesman Walter Malony told Reuters.”
Ah so...note the old shared blame trick. “....sales were weaker than people thought”
Who kept the records? Was it the people that thought the sales were better!?
Thats nice.
Hey Though, i just sold my nice, sweet ranch home in an awesome neighborhood!.
I’m Moving into a crappy rental house next month!!
WooHooo.
CHANGE Baby, Change.
Just distributing my wealth is all.
Yea!
i feel good!
Insiders run it all, it's completely manipulated.
They captured more data when it entered low orbit and crashed outside Kansas City, where the data was miraculously recovered...
wow
Realtors caught lying, well that is a new one, normally they lie and never admit it.
“All the people who traded on the fake numbers just have to eat the loss I guess.”
Scary; who believes anything these liars put out there anyway? Here in northern NJ, there is no way anyone could convince me that housing is doing well at all. I could either believe the media, or the forest of “For Sale” signs; even worse, there is now an undercurrent of older homeowners waiting to bail out of the market (and state) for the right price - any slight increase in home prices will dislodge thousands of these homes, flooding the market again. They can’t be picky because the property taxes are draining their retirement funds - they HAVE TO get out.
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down because of double counting, indicating a much weaker housing market than previously thought.
Then this:
The benchmark revisions will be published next Wednesday and will not affect house prices.
Funny stuff.
Anyone living in Florida knew that the home sales figures were bogus. Property values continue to drop
Why would anyone make an individual home-buying decision based on aggregate sales numbers from NAR? You’re supposed to analyze comps in the neighborhood where you want to buy.
You wouldn't, but if you are trying to encourage people on the sidelines to come out in play in a terrible environment, cooking the books to make things look peachy nation wide would be one way to go. I have been involved in Real Estate for years and there is one truism. An agent will always lie or hold back pertinent info if they think they can get away with it to make the sale. No reason to believe that a group run by agents and brokers would be any different.
It used to be that the realtor would be the one that would choose the appraiser for the buyer. In the case of a listing agent, the real estate agent might recommend that the seller hire an appraiser to determine what their asking price might be. Realtors learn which appraisers tend to low-ball their appraisal, so the word gets around and that appraiser won’t get any business from them any longer. (Realtors are known for having lists of “approved” home inspectors and appraisers.)
Slow sales mean that the seller might have to lower their asking price, which means a smaller commission for the realtor/broker.
I don’t understand your “padding the books for Obama” when this started under the Bush Administration. If the Obama people had known about this they could have made a big fuss about it last election, then they could have claimed some improvement if there was any.
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