Home Sales Data: The Bad, The Ugly, and the Ugliest

The National Association of Realtor's prized data series - existing home sales - has repeatedly suggested a poor housing market recovery.  Well, that data just got worse. The NAR revealed today that it has been overstating its figures by a "meaningful amount" since 2007.  The agency's chief economist Lawrence Yun said, “for the real estate business, this means the housing market's downturn was deeper than what was initially thought."