Thursday, February 24, 2011

NAR Admits to Data "Drift" Which Led to Overstating Home Sales By 1.6 Million in 2010

As Yale economist Robert Shiller of the eponymous Case-Shiller Home Price Index worries there is a "substantial risk" that home prices are going to fall another 15, 20, or even 25%, the National Association of Realtors is admitting that there may be some "drift" to its "data," as well as methodology issues which has led to overstating home sales by 13% in the last revision to data going back to 2000. 

This lack of accuracy--and transparency--means, of course, that the housing market is in much worse shape than anybody can know.  

And, unfortunately, so is the reliability and reputation of anybody who is associated with the The NAR, which is the largest trade organization for real estate sales people.  Of course, there are plenty of honest, ethical folks out there, but the "mothership" isn't looking so good.  Consumers have doubts, and rightly so.

Look at the numbers presented as most buyers--and sellers--need them to make informed decisions: Has the NAR No Shame?

Then read what NAR economist Lawrence Yun says about the numbers.

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