Today CNBC reported that the National Association of REALTORS (NAR), the country’s leading source of existing home sales data, will be revising their home sales numbers from 2007 through October of this year downward because of “double counting, indicating a much weaker housing market than previously thought”. This is not a new thought though, as, back in February of this year, I reported that there was data to support that the National Association of REALTORS’ existing home sales was overstated by 15 percent to 20 percent.
According to today’s report, the National Association of REALTORS said they had revealed that some properties were listed more than once in their existing home sales data and, in some cases, new home sales were even included. Corelogic, the company I wrote about back in February, had suggested the NAR data was overstated by as much as 15 to 20 percent. NAR is due to release new, more accurate numbers next week, so I guess we will see at that time just how far off they were.
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