US Housing Market Was Artificially Inflated By 14% In 2007-2010 NAR Reports

Tyler Durden
Zero Hedge
12/21/2011

Just the headlines for now:

  • EXISTING U.S. HOME SALES REVISED DOWN BY 14% FROM 2007-2010
  • EXISTING HOME SALES REVISED DOWN BY 15% IN 2010 TO 4.19 MLN

Thank you NAR for proving what everyone knew: that the US housing market is one big lie. And next: here come the historical GDP revisions…

The article continues at Zero Hedge.
NAR Rebenchmarking

Update: There Is Still A Ton Of Unsold Home Lurking In The Shadows

Real estate analytics firm CoreLogic is out with its latest estimate of the housing shadow inventory.  Also known as pending supply, shadow inventory represents the houses that are intended for sale but aren’t yet on the market.

According to CoreLogic’s read, there were 1.6 million homes in the shadows as of October…

Read the whole thing.

Also, Countrywide, Bank of America Pay $335 million settlement for racist loan practices

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