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Shock: Housing Worse than Feared

Written By Brian Hicks

Posted December 14, 2011

Imagine that.

Housing is still in the toilet.  The recovery is still a ways off.

Oh, and realtors double counted sales of previously owned US homes from 2007 to October 2011.  

According to CNBC:

The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured.

 “All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought,” NAR spokesman Walter Malony told Reuters.

 “We’re capturing some new home data that should have been filtered out and we also discovered that some properties were being listed in more than one list.”

I’m just amused CNBC would run this story.  You know, after all the “housing is bottoming” news.