Tuesday, December 13, 2011

Dems Made National Realtor Assoc. Fudge Housing Report

It was reported that the NAR was under advisement by "experts" to determine the monthly home sales. Since the NAR did not report the names of these "experts", it can be assumed that they were representatives close to the Obama Administration. Since the Democrats were in control in 2006, it is very likely Democrats were involved in manipulating the housing data to bolster the Democrat brand. Hence, Democrats won the super majority in 2008. We seen Democrats denying there was a problem with Fannie Mae and Freddie Mac (Barnie Frank and Maxine Waters). Also, Democrats were blamed for the sub-prime mortgage debacle (Jimmy Carter, Bill Clinton, Chris Dodd). Thus, it is very likely Democrats persuaded the NAR to fudge the housing report too.

(CNBC) Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.

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 have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.

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.

At the time, the NAR said it was consulting with a range of experts to determine whether there was a drift in its monthly existing home sales data and that any drift would be "relatively minor."