Monday, January 2, 2012

Restatement of Existing Home Sales by NAR

The National Association of Realtors just "restated" their existing homes sales from 2007 to present. While it was in their interest to keep the boom going and make the market seem better than it is, this should be enough of a datapoint to make you never trust their announcements regarding home sales going forward.

Here's the chart showing the initially reported homesales over the past 4 yrs. vs. restated figures. The decline was much worse and more rapid than initially reported.

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