It’s Not about the NAR’s Numbers, It’s about the NAR’s Credibility

I’ve tried for an hour to write this story about the National Association of Realtors’ revisions of housing data and I can’t seem to write anything new that I or others haven’t said before.

Or more succinctly:

@mortgagereports How will they help? More accurate data is good, but who trusts the NAR? My take is: national is irrelevant,local is crucial

There’s a bit more after the break, but the above sums it up.

And … question everything. Always. I do.Looking back to February of this year:

This is a big and important conversation because the NAR’s data, along with Case Schiller, are important, widely read, and depended on by many to ascertain the psychology of buyers, sellers – real estate consumers. Their data tries to demonstrate where we are now in the real estate market and where we’re going.

To which I say – So. What. I trust my local MLS nearly 85.7324%* myself, so why would I trust others more? I’ve said it before, when you’re evaluating the Charlottesville real estate market, ignore the national data; it will only cloud your opinion. Perhaps use it as a guide, but don’t count on it for anything other than high-level, disinterested trend lines.

And:

I started blogging to fill a void – a void of credible real estate information and analysis about the Charlottesville real estate market. Also, I needed a forum to voice my opinions (I have a lot of them). There are more bloggers today, but few respect real estate blogging as a craft to be perfected; too many see it as “the next best thing” (hint: blogging’s jumped the shark – look to Twitter for the “next” thing).

The void still exists. I’m doing my best to fill it.


Realtors spend too much time discrediting Lawrence Yun (from 2007)

A few relevant stories about the NAR’s revisions in 2011:

Calculated Risk – Lawler on NAR Revisions for 2007 through 2011

The Wall Street Journal – Housing Bust to Look Worse With Sales Revised

Matthew Ferrara – NAR Loses Nearly 1in 5 Home Sales; Confidence Next?

Zero Hedge – Existing Home Sales Debacle, As Larry ‘Baghdad-Bob’ Yun Confirms Overstatement

CNBC – Realtors: We Overcounted Home Sales for Five Years

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2 Comments

  1. Park City Realtor December 16, 2011 at 08:03

    NAR is in hot water right now and it seems most agents don’t like what they doing. Some agents said,NAR must object but some believe that NAR is just busy telling lies.

    Reply
  2. Pingback: In Which I Agree with the NAR’s Lawrence Yun | | RealCentralVA.comRealCentralVA.com

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