Home > foreclosures, Mortgage Mess > Massive Downward Revisions Imminent: National Association of Realtors Miscounted Millions Of Home Sales Over Last Five Years

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

About these ads
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 883 other followers

%d bloggers like this: