Massive Downward Revisions Imminent: National Association of Realtors Miscounted Millions Of Home Sales Over Last Five Years
December 14th, 2011
Just when you thought you could trust the National Association of Realtors, a new shocking report from the NAR itself says that they have miscounted the amount of existing homes that were sold for the last five years.
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.
“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.”
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.”
“For the real estate business, this means the housing market’s downturn was deeper than what was initially thought,” Yun said.