Early this year, the National Association of Realtors was accused of over-counting existing homes sales by CoreLogic who insisted the numbers were off by at least 20%.
The Realtors ignored CoreLogic and now admit the error is 100% - even worse. The NAR plans to reissue the corrected numbers next week - look for a stock market dive on that day.
Fannie Mae/sub-prime lending crashed the housing market in 2005. Now we have a zombie-like construction industry. The over supply of homes has also been made worse by Obama's bailout, and foreclosure aid - delaying the inevitable.
With this news, the grim reality that housing will not recover for decades is clearly a hard reality now.
Related:
2011 Housing's Worst Sales Year On Record
