But did you notice a trend in the figures reported above? Not only is Lehreah's forecast typically optimistic, but while the report did say that sales were down or prices fell in this region or that, the only specific areas which were mentioned (Salt Lake, Pittsfield, Port Arthur) were where sales improved or prices were up. The report went so far as to fall back on reporting that typical sellers in metropolitan areas "experienced healthy gains on the value of their homes over the last five years in almost all 131 available areas, even in areas with recent price declines." Yeah, we know. It was called "the bubble."
If the market appears to be bad in your state, we are sorry we cannot tell you where you are vis-vis the overall statistics. If the situation in your area improved in terms of sales or price appreciation, NAR trumpeted that information but if your metro area or state is in trouble you will have to learn about it elsewhere. Perhaps we can tell you when the quarterly same house report from the Office of Federal Housing Enterprise Oversight is issued later this month.
NAR stands to lose credibility unless it also loses its Pollyanna approach to reporting the data for which it pretty much holds a monopoly. Realtors and by extension their customers and clients, rely on this information to price homes and set business strategy. It is time that NAR bites the bullet and get real about the full measure of statistics it collects. It is a public service to do so and even the most transparent of cover-ups eventually has drastic consequences.
The media should do more to attack on the half truths, fact manipulation and blatant cheerleading that the Natioanl Association of Realtors and other in the Real Estate Indsutrial Complex (REIC) regularly engage in. Enough is enough!