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 has been reported since January 2007 is 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 benchmark revisions will be published next Wednesday and will not affect house prices.
Early this year, the Realtors group was accused of overcounting existing homes sales, with California-based real estate analysis firm CoreLogic claiming sales could have been overstated by as much as 20 percent.
Wednesday, December 14, 2011
Housing Numbers Are Worse Than We Thought
The National Realtors Association has "discovered" that sales of existing homes has been exaggerated--the housing market is even worse than we thought. Story here, from Fox News:
I found a link to this PDF in my collection of bookmarks: Criminal Poisoning: Investigational Guide for Law Enforcement, Toxicologists, Fore...