Wednesday, December 14, 2011

Realtors: We Overcounted Home Sales for Five Years - US Business News - CNBC

Realtors: We Overcounted Home Sales for Five Years - US Business News - CNBC
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...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.
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So the National Association of Realtors got caught by CoreLogic cooking the numbers, and now they admit double counting. Add this to the endless list of lies, mistakes, and fraud in the real estate market. Mortgage companies, banks, appraisers, realtors, the ratings agencies, investment banks, mortgage servicers, mortgage "rescue" companies, HOAs and condo associations, and on and on...is there anybody in the whole system you can trust? Given the centrality of this industry to the economy, one would think somebody would clean house and try to restore some credibility, but all I see is a boundless concern for the health of the financial sector.

2 comments:

pvtgov said...

"What's good for business is good for this country."

How dare the government interfere with our right and obligation to our stockholders to make 15% or even 20% profits! So, we'll sell quick and fast, and charge for everything. The public is not a consumer, but a $$$ resource. And like all resources, they get used up and then discarded. It's the American way of capitalism.

Real estate! said...

Didn't we tell you it's a great time to buy? The numbers prove it!