A statement by Lawrence Yun, chief economist for the National Association of Realtors as listed in a report on existing home sales caught my eye today. "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" said Yun. On the surface, the statement seems incredulous. How can the national data be completely screwed up, in need of major revisions, if the local data is accurate? I had a chat with Calculated Risk today regarding that statement by the NAR. Calculated...