Think home sales bad already? NAR was overstating
WASHINGTON (AP) — National home sales figures will be lowered dating back to 2007 after the private trade group that collects them said the numbers were too high.
The National Association of Realtors said Monday it will release the downward revisions for previously occupied homes on Dec. 21.
Among the reasons for the inflated figures, the Realtors group says: changes in the way the Census Bureau collects data, population shifts and some sales being counted twice. Last year’s total sales figure of 4.91 million was the worst in 13 years.
The Realtors consulted with several government and private housing market experts, including the Federal Reserve, the Department of Housing and Urban Development, the Mortgage Bankers Association, the National Association of Home Builders, mortgage giants Fannie Mae and Freddie Mac and CoreLogic, the California-based data firm that first raised doubts about the annual numbers earlier this year.
6 Responses to Think home sales bad already? NAR was overstating
So…accuracy like the ADP job numbers.
DRV!
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Revising past comps lower will make any rebound look better. Better hurry folks before all those unsold homes get snapped up….
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There’s no rush.
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I’ve been waiting 5 years and happy to wait another year
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