Wednesday, December 14, 2011

You Cannot Make This Stuff Up: Housing Market Was Much Worse Than Stated as Sales Double Counted

While the markets tank out of the realities of no way out in Europe and no QE3 in the U.S., these news are not inspiring for any market.

CNBC says that sales of previously owned U.S. homes from 2007 through October this year will be revised down next week. It rurns out the sales were being double counted by the National Association of Realtors. "indicating a much weaker housing market than previously thought".

Some properties were listed more than once, and in some instances, and even new home sales were being cpunted. You canot make this stuff up..

"All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought,".

"We're capturing some new home data that should have been filtered out and we also discovered that some properties were being listed in more than one list."

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