The National Association of Realtors (NAR) revealed that data on existing home sales from 2007 through October 2011 will now be revised downward because of double counting.
U.S. bloggers who have been critical of the NAR for years jumped in to criticize the NAR this week after the announcement, questioning whether it was an honest mistake.
“Perhaps they were nefarious and just incompetent. Neither alternative speaks highly of them,” writes one blogger, in a post on the Irvine Housing Blog.
The NAR will revise its data next week, blaming a benchmarking exercise that listed some homes twice and in some instances, new homes were also captured.
“All the sales and inventory data that has been reported since January 2007 is being downwardly revised. Sales were weaker than people thought,” NAR spokesman Walter Malony told Reuters.
The NAR was accused earlier this year of overcounting existing home sales by as much as 20%.
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