The NAR had a great con job going until they were caught. Will Chief Economist Lawrence Yun be the first of many to be canned for misleading the public and all the lending institutions?
The National Association of Realtors (NAR), has a major problem on their hands, that could alter how this trade association is viewed for in the future. At best their organization looks like a bunch of con artists, who cook up the numbers to help their members (Realtors) sell more homes to an unsuspecting public. And at worst, they look like a bunch of criminals who purposely mislead us with blatantly false reports.
Read this like for part of the story that is being reported in Time Business…Curious Capitalist.com titled…Realtor Revise: Housing Downturn Was Worse Than Thought
Either way, who in their right mind would ever trust anything that they produce in the future.
In the past two years alone, more than three million fewer homes may have been sold than was previously reported
As of last month, NAR said that nearly 4.2 million existing homes (NAR does not track new home sales) had been sold in the U.S so far this year. By CoreLogic’s estimate, though, only 2.4 million homes had changed hands in 2011.
It was just announced that severl people within Fannie and Freddie are being indited for misleading the public, so could this also happen to some within the NAR? And what about the information that comes out of the local Realtors Association (njar). How accurate is their information?
But the problem could be even larger than some suspect. NAR now says there were also reporting problems with the MLS data as well.
Seriously…don’t trust anything your Realtor tells you about the national or local markets, until you see it in writing and where the source of info came from. This is one giant trade association that can’t be trusted anymore
Was it a smart idea to purchase a home in te past 5 years, or were you duped into buying a losing investment. Wall Street has a major problem because they sold products that they knew were poor investments, and now the NAR was found to be pushing the same snake oil.
Do they have the dollars it’s going to take to be a reliable force in the future or are their days numbered.
Sorry, but it’s enough of this con job.
Let us know what you think