Massive Downward Revisions Imminent: National Association of Realtors Miscounted Millions Of Home Sales Over Last Five Years
“California-based analysis firm CoreLogic claimed earlier this year that the NAR may have misrepresented sales numbers by as much as 20%. It turns out CoreLogic was right. The NAR has now admitted that they made a mistake in how their data were counted. In the last twelve months 4.9 million homes were sold in the U.S. Over five years we’re looking at around 20 million homes, which suggests that the NAR’s “mistake,” if CoreLogic’s estimates are correct, may involve up to4 million home sales that never happened or were double counted.
While NAR’s mistake may deserve the benefit of the doubt, given what has transpired in the financial, economic and real estate sectors we’d be remiss if we didn’t mention that NAR’s realtors, mortgage lenders, and banks likely benefited from such a massive padding of the numbers. Off by a few thousand? OK, we’ll give that to you. Off by several million? That suggests this was no mistake at all, but rather, an intentional fraudulent act designed to keep optimism up, home prices up, and revenues coming in to sales agents and the NAR itself.”
Via SHTF Plan