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.
Last 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.
| Tags: | predictionsselling |
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.
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.
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>
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
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
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).
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.
msn real estate is social
FIND YOUR DREAM HOME OR APARTMENT
