Home sales even worse than we thought (BLOG, VIDEO)
Last year saw the fewest number of homes sold in 13 years. Now we find the number is even smaller than the 4.91 million sales we thought occurred. The National Association of Realtors, which for decades has published statistics on sales of existing homes, says that its data were wrong and that fewer homes were sold from 2007 to 2010 than it had reported. Video: Market Forces Woman To Auction 16 Homes At Once Questions about the numbers were first raised earlier this year by CoreLogic, a real-estate analysis firm, which said the NAR's home-sales numbers could be as much as 20% too high. While the NAR said 4.91 million existing homes were sold in 2010, CoreLogic said its analysis showed that only 3.3 million homes were sold. The NAR responded by saying it would take another look at the data. In recent months, the group consulted with CoreLogic, as well as the Federal Reserve, the Department of Housing and Urban Development, the Mortgage Bankers Association, the National As...