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12-22-2011, 08:07 AM #1
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Real estate reality
Real estate reality
If you can count
the "too big to fail" banks are all insolvent
National Association of Realtors numbers way off
"An average of 14 percent fewer existing homes were sold each year between 2007 and 2010, according to revised data released today by the National Association of Realtors."
But don't worry, the market is on the mend. Things are looking up. Pigs can fly.
It turns out the sales numbers that the National
Association of Realtors has been sharing with us
over the last three years were a "little off."
An average of 14% per year off to be exact.
Why did they overstate sales so dramatically?
Rounding error, accidental double counting,
the dog ate my homework and other assorted
nonsense. No big deal.
On a closely related theme, Here are some barely
noticed real estate fireworks from a 2009 Congressional
hearing.
If you tally the books correctly, bad real estate loans
have rendered all the top US money center banks
insolvent. (But don't tell the auditors...)
Video:
http://www.realecontv.com/page/6292.html
Ken McCarthy
Real Econ TV
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