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.
CNBC.com
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."
The depressed housing market is one of the key obstacles to strong economic growth and an oversupply of unsold homes on the market continues to stifle the sector.
I always expect the National Association of Realtors to warp the data into the "rosy colored" glasses view- after all they are the National Association of Realtors!
It does not take a genius to figure out what it has taken the NAR since 2007 to figure out- that they were counting sold houses two or more times.
This announcement is basically saying - "please believe our next report on housing numbers"- even though we admit we have been lying to you since 2007!
I know current homeowners don't want to hear it but I think homes are still priced way too high. The real estate bubble is deflating but not fast enough.
Thomas Sowell: There are no solutions, just trade-offs.
FredHayek wrote: I know current homeowners don't want to hear it but I think homes are still priced way too high. The real estate bubble is deflating but not fast enough.
I agree.
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill
I think they thought it would turn around "soon" and so wouldn't matter. I also think they, like 98% of Americans, are having a hard time wrapping their heads around the fact that the market doesn't always go up, and it doesn't always recover quickly when it goes in the "wrong" direction, either. Most people seem to be starting to get it, but it is taking a while. How many of you know people trying to sell a house where even though they know the market is down, somehow don't believe that means THEIR house?
AspenValley wrote: I think they thought it would turn around "soon" and so wouldn't matter. I also think they, like 98% of Americans, are having a hard time wrapping their heads around the fact that the market doesn't always go up, and it doesn't always recover quickly when it goes in the "wrong" direction, either. Most people seem to be starting to get it, but it is taking a while. How many of you know people trying to sell a house where even though they know the market is down, somehow don't believe that means THEIR house?
We were pretty delusional when we sold our house. It took a couple of months of double house payments and maintaining two properties before I lowered our price to an attractive level.
Thomas Sowell: There are no solutions, just trade-offs.
AspenValley wrote: I think they thought it would turn around "soon" and so wouldn't matter. I also think they, like 98% of Americans, are having a hard time wrapping their heads around the fact that the market doesn't always go up, and it doesn't always recover quickly when it goes in the "wrong" direction, either. Most people seem to be starting to get it, but it is taking a while. How many of you know people trying to sell a house where even though they know the market is down, somehow don't believe that means THEIR house?
Well... people can wrap their head around this... "President Barack Obama said Tuesday he wishes he knew the full extent of the economic crisis when he took office, if only so he could have let Americans know just how tough the coming years would be." Our President is stupid and has no clue as to what he is doing. I can wrap my head around that easily.
AspenValley wrote: I think they thought it would turn around "soon" and so wouldn't matter. I also think they, like 98% of Americans, are having a hard time wrapping their heads around the fact that the market doesn't always go up, and it doesn't always recover quickly when it goes in the "wrong" direction, either. Most people seem to be starting to get it, but it is taking a while. How many of you know people trying to sell a house where even though they know the market is down, somehow don't believe that means THEIR house?
Well... people can wrap their head around this... "President Barack Obama said Tuesday he wishes he knew the full extent of the economic crisis when he took office, if only so he could have let Americans know just how tough the coming years would be." Our President is stupid and has no clue as to what he is doing. I can wrap my head around that easily.
We've never seen a recession like this one before, yet you call the President "stupid" because he didn't know in advance what it would look like? Sorry, but that makes YOU look stupid.
We were pretty delusional when we sold our house. It took a couple of months of double house payments and maintaining two properties before I lowered our price to an attractive level.
