Jim Sinclair’s Commentary
This is quite awful. To what degree we will soon learn. That is if the new figures are any better than the old double counted ones.
Realtors: We Overcounted Home Sales for Five Years
Published: Tuesday, 13 Dec 2011 | 5:21 PM ET
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured.
"All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.
"We’re capturing some new home data that should have been filtered out and we also discovered that some properties were being listed in more than one list."
The benchmark revisions will be published next Wednesday and will not affect house prices.