Cheers to James at the NJ Report for taking the NAR to task.
Monkeys I tell ya. Monkeys.
Never to be used again. Never to be trusted again.
NJ home sales plunged 30 percent in first quarter
When the National Association of Realtors issued its first-quarter report on the health of the housing market last month, New Jersey was singled out as one of only three states that saw the volume of home sales increase during the first three months of the year.
On Friday, the Realtors’ group issued a huge correction, saying that instead of a slight increase, New Jersey’s housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year.
June 14, 2008
The monkey-run NAR reports New Jersey home sales up. Then after getting laughed at, reports that they screwed up royally and sales actually fell 30%.
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10 comments:
For the love of Pete would you stop insulting the monkeys by comparing them to realtors.
By the way, speaking of monkeys:
http://www.savethemonkeys.net/
IT'S GOOD I LIVE IN AMERICA AND NOT ASIA, AS LONG-STANDING CUSTOM DICTATES I WOULD HAVE TO COMMIT SUICIDE FOR DISGRACING MY FAMILY WITH SUCH A BIG F#CKUP...
I MEAN, HOW DO YOU EXPLAIN TO YOUR PARENTS THAT YOU GET PAID TO LIE?
It's amazing that they could be so out of touch as to make that big an error and not think to double-check.
Do they not at least keep a personal, anectodal gauge of what is going on out there?
They must have no idea except what someone else tells them. And then as soon as they are told they become 'experts' and tell everyone else.
In Massachussets there is an ad for commercial real estate on the radio that goes "We at the National Association of Realtors wants you to know that the commercial real estate market is fundamentally sound".
I just bet it is, too.
"New Jersey was singled out as one of only three states"
Is anyone checking the other 2 states?
Maybe they meant that ramen sales were up
I bet they made a fews sales using the incorrect information.
"Hello, Mr.Smith are you aware housing prices are going up in New Jersy? Yes, you had better make that purchase or be priced out of the market forever. I'll be right over with the sales agreement and commission contract."
Jim is that good of a blogger/ researcher. This is really big news and yet little is made of this error. Congrats Jim!
Don't act like this doesn't go on in every other industry - I worked as a freelance graphic artist years ago and did mostly presentations for large corporations - I can't tell you how many times I had to go back in and make huge corrections or just changes because some VP didn't like the way the numbers looked. Then they would go back in and manipulate the numbers by leaving out key data. I often suspected they made the numbers up out of thin air. That's how you get to realtors using median prices instead of mean prices to begin with. That's how you get the govt reporting only 2-3% inflation a year by deciding to leave out food and energy - and that's how you get "seasonally" adjusted statistics for unemployment and retail sales. You should never have to "seasonally" adjust something if you look at YOY to begin with. All I'm saying - is that as much as I believe Realtors are just as much to blame for all this mess (possibly more) as bankers, mortgage brokers and appraisers - they are clearly not the only ones that do this type of thing. The great advantage of the internet age is that it's so much harder to lie now.
Realtors are chock full of cr@p. I just saw my first cheap house out here in Iowa. (We want to buy but renting is so much cheaper that it's just been, no way! Why not just save our money?) Anyway we figure that inflation will eventually whittle away our pitiful down payment to nothing if we don't eventually find something cheap that we're happy with that really works out less than renting.
Here's my point though - months and months the REALTORS here have been sending out their little housing fliers, saying that housing is great in our market, prices are holding up, blah blah blah. (We've prudently signed up for another stint as renters, but are still looking casually /observing.)
Since I actually do my homework I felt the need to check out our local records (via internet, yea!). Going back YEARS, over 750 houses have sold/yr in Ames. To date, it's 40. 40!!! The local REALTORS must be $h!!!ing themselves. Definitely not even going to consider anything for another year. Maybe two. Maybe even never at this rate.
-Rose
Fraud, lies, murder, theft and deceptions "is" the US GOP Republican way!!!!!!
VOTE-OUT, IMPEACH AND JAIL ALL REPUBLICAN GOP MEMBERS, REPUBLICAN CHRISTIAN ORGANIZATIONS, REPUBLICAN CHURCH LEADERS, REPUBLICAN GOP NEWS AND MEDIA AFFILIATES AND GOP REPUBLICAN TRADE AND BUSINESS ORGANIZATIONS.
Republicans are 100% anti-America. .
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