NAR Issues Existing Home Sales Data

As much as we scoff at the National Association of Realtors data and analysis - these were the same people who denied the downturn well into the crash - even their latest numbers highlight the problem - "The median price of a previously owned home was $210,200 in November, down 3.3% from $217,300 in November 2006".

We are continually amazed that leading publications, including the WSJ continue to publish the so called analysis of the NAR. That it represents the interests of its main group - Realtors - who benefit when sales are high is not in question. But when media such as the WSJ publish its monthly reports it gives the group the credibility it does not deserve. The tobacco industry should be so fortunate. Click here for an excellent analysis of the work done by the NAR during the bust years of 2005 2006 - http://davidlereahwatch.blogspot.com/. Be sure to check out the graphic showing the deterioration of housing and the then Chief Economist's statements.

Here is the statement from their chief (subverter of numbers) economist Lawrence Yun. "Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," NAR chief economist Lawrence Yun said.

GOOD NEWS - egads - either he is plain out lying or he actually believes it. We don't know which is worse. It is about time that the leading media publications take a look at this "analysis" and either report on its merits or use data from Commerce Department or Case-Shiller which provides a far more bleak (realistic, unbiased) picture of what is happening on Main Street, USA.