Realtors: Home Sales Numbers Gamed

U.S. home sales data from 2007 through last October counted each house twice. What?

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.

2011 Housing's Worst Sales Year On Record