It's official: Housing market was sicker than we thought

msnbc.msn.com ^ | 12/21/11 | John W. Schoen,

[ColdOne]

Real estate agents are famous for putting a listing in the best possible light to close a sale. On Thursday, the industry's national trade association confirmed that its monthly data have been painting a rosier picture of the pace of home sales since 2007.

As msnbc.com reported in March, the National Association of Realtors has been overstating the pace of existing home sales by more than 16 percent. The trade group now says just 17.7 million existing homes were sold from 2007 to 2010, not the 20.6 million it originally reported. The NAR made no changes to its data on home prices.

In its announcement of the downward revisions, the trade group sought to downplay the impact of "re-benchmarking" the data lower.

“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service data or local supply-and-demand balance, or to local home prices,” NAR economist Lawrence Yun said in a release explaining the revisions.

The NAR's monthly sales data is a critical input for a host of widely-watched forecasts generated by public and private economists - from Wall Street to the Federal Reserve. Investors make big bets based on the data. Debates on government policy, from the White House to Capitol Hill, rely on this barometer of the health of the housing industry, a critical pillar of the U.S economy.

[blam]

Everybody is lying about everything.

Vote for Obama.

[Larry Lucido]

I always thought the housing market was sicker than I thought! :)

[LomanBill]

 

 

" Uhhhh, that's not ours either! "

---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.

 

 

Follow the....

http://www.campaignmoney.com/finance.asp?type=in&cycle=08&criteria=pritzker&fname=penny

 

Billionaire business mogul Penny Pritzker is a member of one of America’s richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obama’s presidential campaign.  She was the chair of Chicago-based Superior Bank’s board for five years.  Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992. Back then they called it "predatory lending." Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages. On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering....

[snip]

...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicago’s bid to win the 2016 Summer Games. 

 

http://www.theobamafile.com/_associates/PennyPritzker.htm

 

 

 

Nudge nudge nudge...

 

[ColdOne]

great info thanks.

[LomanBill]

Welcome. FReep on!

[Capt. Tom]

Just about every excuse ,deal ,roadblock,legal maneuver,has been used up to stop or slow down foreclosures.
Next year should be a big foreclosure year, and I don't see how that could help new home sales, since there should be plenty of existing property on the market. - tom

[skeeter]

Didn’t the whores & perverts in the news media report “a jump in housing starts points to a recovery” just yesterday?

[DustyMoment]

This is not a big surprise!! Obama has been cooking the numbers for housing, unemployment and the stock market.

And, not surprisingly, they ALWAYS have to adjust the numbers downward after a few months or years. When the government produces the number, ALWAYS be suspicious!

[nkycincinnatikid]

“Everybody is lying about everything”

Pass it on....

It doesn’t matter who you vote for.

Except Dr Paul.

[blam]

"Didn’t the whores & perverts in the news media report “a jump in housing starts points to a recovery” just yesterday?"

The 'jump' was multiunit developments. Renters...section #8 housing, etc.

Not single family housing.

[skeeter]

The whores & perverts in the news media are really outdoing themselves this election cycle.

[Mortrey]

Thanks for posting this.
My better half was a realtor and received the Realtor Magazine......VERY lefty and supportive of “Bath-House” Barry.

[mylife]

"Books Cooked Daily"

[dragnet2]

I'm still waiting for my Bush/Obama bailout!

Of course, the only ones who gained and were rewarded, were the fat rats in Wall Street, the banking insiders and fat corps.

The tax payers were told to eat dog crap.

[MaxMax]

Didn’t the whores & perverts in the news media report “a jump in housing starts points to a recovery” just yesterday?

Yes. I saw it today on Fox that housing sales is up 4%. Expect
a revision of that number at 4am sometime next month.

The media is doing damage control. Expect more lies as they try to
talk up the economy all next year.

[ColdOne]

Exactly. Do you listen to Rush? He had that lady on last week who worked for housing in some form, said what I had thought this was all planned. Had to do with Freddie and Fanny.

[DoughtyOne]

Obama
Reid
Pelosi
Boehner
Financial institutions
Housing
Employment (unemployment)
the Left
Democrats in general
Ron Paul supporters
.
.
.

The list goes on. Things sicker than we thought...

[dragnet2]

Naw, I stopped listening to Rush when he spent the entire time during the Bush administration talking about feminazies, as Bush stood down at the border handing out coupons and waving millions of illegals through.

However, I agree.

This whole thing was a setup by the banking sluts, and government insiders, who concocted this massive gang rape of the tax payers.