NAR’s Abacus Needs Calibration
The numbers coming out of anyone connected with the housing and homebuilding industry have been question, but this takes the cake:
Encouraging home sales statistics for New Jersey that were released by the National Association of Realtors looked too good to be true.
Now the association says that’s exactly what they were.
The association admitted Friday that it was mistaken when it said New Jersey home sales were up four percent in the first quarter of 2008.
That would have made the state one of only three in the nation with an increase.
Instead, New Jersey home sales actually fell 30 percent.
NAR’s research division is not saying how they could be wrong by so much, but the difference is so large it must be a mistake, right? Even if you give them a benefit of the doubt, you have to wonder what else is they have said is wrong.
Real estate group admits error in NJ home sales
Forbes
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