Home sales even worse than we thought

After its numbers were challenged, the National Association of Realtors took another look at the data and has decided to lower its numbers for home sales from 2007 to 2010.

By Teresa at MSN Real Estate Dec 12, 2011 12:36PM

© Gregor Schuster/CorbisLast year saw the fewest number of homes sold in 13 years. Now we find the number is even smaller than the 4.91 million sales we thought occurred.

The National Association of Realtors, which for decades has published statistics on sales of existing homes, says that its data were wrong and that fewer homes were sold from 2007 to 2010 than it had reported.

 

New numbers will be issued Dec. 21, The Associated Press reported.

 

Post continues below

 

Questions about the numbers were first raised earlier this year by CoreLogic, a real-estate analysis firm, which said the NAR's home-sales numbers could be as much as 20% too high.

 

While the NAR said 4.91 million existing homes were sold in 2010, CoreLogic said its analysis showed that only 3.3 million homes were sold.

 

The NAR responded by saying it would take another look at the data. In recent months, the group consulted with CoreLogic, as well as the Federal Reserve, the Department of Housing and Urban Development, the Mortgage Bankers Association, the National Association of Home Builders, Fannie Mae and Freddie Mac, The AP reported.

 

The NAR concluded that its numbers were too high and that some sales had been counted twice.

The two groups use different data to come up with their sales statistics.

CoreLogic tracks property records at local courthouses. The company estimates that it covers about 85% of the data covered by NAR.

 

The NAR uses a sample of sales data reported by local multiple listing services, and makes assumptions about the number of sales by owner. The Wall Street Journal explained more about the data sets last year.

 

 
52Comments
Dec 14, 2011 7:04PM
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Home prices are still a bubble compared to historic norm. According to case shiller index, we are still 20% above long term averages. Typical bottom comes at 20% below average. When the money supply deflates, existing prices and salaries cannot be sustained. Google for "housing bubble kondratieff wave" to understand why prices are going to fall...


Dec 13, 2011 7:51AM
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This story just shows how corrupt and confused our leaders and institutions have become. It seems as though we are incapable of telling the real truth about anything. All the data is flawed and the numbers are pulled out of thin air and say anything to make it sound good. The only true and real way to do this is to link all the courthouse records that show where a REAL DEAL was done not speculation and assumptions. Thats the only way anybody can get a real estimate on this. Simple just use the techknowlegy you have and use your brains and tell it like it really is. This whole country has become nothing more than (smoke and mirrors) with everything and the idiots running things have failed miserably.
Dec 13, 2011 7:42AM
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nothings going to change at all until we get away from the childish, petty partisan games people like you play fanboy. Your slave with a collar around your neck and you're too stupid to even realize what exactly is holding the leash on the other end.

Dec 13, 2011 7:33AM
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The worlds financials are in collapse. I didn't vote Bama but GW was the one who blew a surplus and lower taxes and.. that's right went to war in the wrong country. Where was trash bin ladin found?

Dec 13, 2011 7:24AM
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The US built too many homes and this is a basic bubble. Too much easy money, subprime mess, politics and the american entitlement mentality for home ownership blow up the bubble.  Prices will be depressed until the fed starts to print more money to pay the debt off and then inflation will storm in worldwide.

 

A standard of living that is based upon inflating from borrowing will burst too. Get ready.

Dec 13, 2011 7:15AM
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The housing market will not rebound until people go back to work.  There has been an incredible loss in personal net worth.  The average American is not heavily invested in equities, their net worth is the equity in their home.  The house next door to me just sold for less the what it sold for in 1998. The house couldn't even be constructed for its selling price, minus the building lot.  What home builder is going to build new homes?  Who in their right mind would re-elect the disaster that is running this country today.  Can anybody tell me what he has accomplished, other than blame all of his failures on George Bush?  "Yes We Can" (destroy America in 4 years). Just think of what he could accomplish in 4 more years.
Dec 13, 2011 7:15AM
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The next scam will be by the real estate / brokers, holding down the prices, not showing homes while they themselves invest in the choicest properties, buying at a low, holding, waiting for the market to fully recover, then KAAAA-Chiiinnnng!, this new tactic of the greedy will delay recovery.

 

Dec 13, 2011 7:13AM
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What a suprise. It appears that there could be a slight chance that other numbers might be incorrect, maybe unemplyoment , banking stats,  cost of living etc. What the heck they are only numbers.
Dec 13, 2011 7:02AM
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Hey Barry .... I thought you were going to fix all this stuff??

Housing market

Deficit

Devaluation of the dollar

Foreign Policy

Unemployment

 

Hello .... Barry, you out there?? You promised .........

Dec 13, 2011 6:48AM
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What this explains is that the American public are not only smarter than the data we receive daily

via media, also that we cannot trust data that from the internet, government, newspapers, realtors,

appraisers, or bankers.

 

 

Dec 13, 2011 6:36AM
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Its all smoke and mirrors...lies and deceptions...the entire system is rigged to win in favor of the 1%...and people don't get that by now then you're living under a rock. The real estate market is NOT coming back. The greedy banksters have put people on the street leaving empty homes, most of them boarded up declining the value of the ones around them. There is something wrong with our society when there are families living on the street when there are homes sitting empty...there is something wrong when people, realtors, continue to feed the greed machine in order to make a buck. If you are in anyway involved with the ones who are destroying this country, be it working for or with a bank, government agency, or any company which is not for the people then you are part of the problem...its damn time people snap the hell out of it and wake up to the realization that no corporate owned media is telling you the truthful facts. This country is in a depression...not quite yet as bad as 1930's BUT believe me we are one nano second away...and it aint gonna be pretty. It's time American's take their country back. GO OCCUPY!
Dec 13, 2011 6:34AM
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Well this is continuing good news. Houses were grossly over inflated in value for years so more revenue could be collected in property taxes. Now things are starting to come back to reality. 
Dec 13, 2011 6:29AM
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Wanna hear my new favorite lie from the powers (dems and media) that be?  the 'payroll tax cut'.  Heard about that one yet?  The dems cut your contribution to SS as soon as they got total control of the government.  It is now set to expire and they are accusing the Republicans of a 'tax increase on the poor' if they don't extend it.  Guess what?  It screws the poor and middle class!  Here's how:  you paid 6.2% of what you make into social security, matched (6.2% more) by your employer.  The dems cut what you pay to 4.2%.  That means you get an extra 2% of your pay to spend.  Good thing, right?  Wrong!  What you get from SS is based on what you pay in!  Say your take home was $500 a week.  Now you get a whole 10 extra dollars.......in exchange for 1/3 of your SS!  That 2% of 500 is only ten bucks a week.  But it is 30% of your SS contribution!  And even worse, Obama wants to increase the cut to 3.1%!  HALF of your contribution!  Meaning HALF of your eventual SS check gone!

And isn't Social Security going bankrupt?  What better way to fix it than cutting the amount of money going in..........    Get the picture?  As usual, the dems are screwing the poor and middle class while telling us it somehow 'helps' us.    And as an aside, Why, if the repubs help the rich, do all the super rich vote democrat?  Bill Gates, Warren Buffitt, George Soros, and on and on.  Something to think about there people>

Dec 13, 2011 6:28AM
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Well how about that SHERLOCK HOLMES.. . . Surprise,  this is the change you asked for.  

This is the change you got.                                     

 it's no accident.

.

What did you expect from a man that has in his list of  close friends and associates, a man photographed while standing on the American Flag.

.WHAT DID YOU EXPECT ?

.Pundants and the main stream media says it's not so.

google william ayers/ flag........and take a peek

Dec 13, 2011 6:22AM
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Anyone else familiar with Core Logic? Ironic that a company that is largely based out of India is running the show on American home sale stats! As an appraiser, Ive seen them set up their own little niche to make a ton of cash and run with it, while ripping off appraisers/lenders/ and the indian population in the process. If you want to make statements about American statistics and lead the charge, I think you at least need to be a real american company. Death to Core Logic you cheats! BTW, we need to get government out of this mess. Not the dems or the reps, just government. Get it?! Its 2 sides to the same coin if some of you ave not caught on yet. The $ rules the house, just as in any other business. Why should the USA gov be any different. Follow the $ and vote for the only hope, Ron Paul in 2012. No sell out!
Dec 13, 2011 6:22AM
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I guess you skipped class the day they were teaching home buying, as a private residence, is a terrible investment, probably the worst there is. When you finally take the time to "do the math', you will be amazed at how you were swindled, and will continue to be. I suppose you're too content blaming your favorite political party/financial institution for the mess we were duped into believing.

After all haven't we given those flim flamers license to steal from us? And even when my mortgage is paid in full, will I not still be renting from the county (property taxes) and the insurance companies? And how much does that cost over my lifetime?

 

Peace

Dec 13, 2011 6:21AM
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seems our friendly speculators are trying 2 ballon the housing market just to make a quick buck b 4 the real results r in ......thought u had 2 have the facts not speculate how good u do hell i can do that
Dec 13, 2011 6:19AM
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Its interesting that all the entities who corroborated on the "NAR" data are departments of the government who might like to see the current president re-elected.  Wonder how many other data sets have been falsified on the high side  in order to look better than they "REALLY" are!  This is a fine example of the increased transparency in government that we were going to see after the last election!!! 
Dec 13, 2011 6:11AM
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Uneven.............yes, that is an accurate name for you.

the three major networks, plus cnn and pbs are propaganda arms of the democratic party.  They tell outrageous lies and when caught merely alter the story.  Examples:  the balanced budget and surplus under Clinton.  Go to the government site (.gov) and check national debt by year for the entire clinton administration.  check 30 years before and every year after.  We, the U.S., went further in debt each year.  With a balanced budget we would not have gone further in debt.  If there had ever been a surplus, we would have reduced the debt.  So going further in debt each year proved there never was a balanced budget.  Just more lies from congress and the lib-tard media to placate the weak minded (you).

Dec 13, 2011 6:01AM
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My question to you all is what are going to do about it. Just how much crap is the public got to endure before they rise up against THE POWERS THAT BE and demand their country back.

All this Money That just Disappeared went into the back pockets of a few selected Winners. It time to shake it out...,.

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