Last week, we discussed data that suggested the NAR has been dramatically overstating home sales and understating stating inventory. I have a much longer piece in the works, tracing how the NAR’s data errors were discovered and by whom — but today’s must read MSM article is in the WSJ:
The National Association of Realtors, which produces a widely watched monthly estimate of sales of previously owned homes, is examining the possibility that it over-counted U.S. home sales dating back as far as 2007.
The group reported that there were 4.9 million sales of previously owned homes in 2010, down 5.7% from 5.2 million in 2009. But CoreLogic, a real-estate analytics firm based in Santa Ana, Calif., counted just 3.3 million homes sales last year, a drop of 10.8% from 3.7 million in 2009. CoreLogic says NAR could have overstated home sales by as much as 20%.
One key correction: The NAR tracking error did not begin in 2007, as the WSJ suggests, but dates bacl to their lst benchmark in 2000.
Is the NAR Overstating RE Sales ? (February 17th, 2011)
Home Sales Data Doubted
Realtor Group May Have Overstated Number of Existing Houses Sold Since 2007
WSJ, FEBRUARY 22, 2011
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.