Submitted by Tyler Durden on 12/21/2011 08:14 -0500
Housing Market
Recession
Today at 10:00 am the National Advertiser [sic] of Realtors, aka the NAR, headed by chief advertiser Larry Yun, will share its latest mockery of "numbers" about the state of the existing home market. Concurrently it will also admit that as Zero Hedge has been asserting for years, those very numbers are a complete fabrication, and should be widely ignored by the broader analyst population, when it also releases an extensive downward revision of all home sales from 2007 to the present. Naturally, the revision will be a humiliation for all banks which built bullish theses on the housing sector based on this data, and most will have to re-revise their data even lower. As such, don't expect extensive post-facto analyses of what this revision means for future forecasts and readers will likely have to reach their own conclusions on the true state of the US housing market. The only good thing to come out of this revision is that, finally, the NAR monthly
http://www.zerohedge.com/news/previewing-nars-humiliating-multi-year-existing-home-sales-downward-revision?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
| 