NEW YORK (CNNMoney) -- Existing home sales during the housing bust were actually 14.3% worse than previously reported, a revision to Realtors' group numbers shows.
On Wednesday, the National Association of Realtors (NAR) revised home sale counts back to 2007 due to flaws in their original data analysis.
In 2007, there were actually just 5.04 million existing home sales, 11% less than the 5.65 million originally reported. Even worse were 2008 and 2009, when there were 16% fewer sales than originally reported. Sales in 2010 were 15% lower.
"The errors started in 2007 and continued to accumulate over time," said Lawrence Yun, NAR's chief economist.
Such a basic number in our economy has been 15% wrong for 5 years??!! Is it any wonder why Americans would say that we no longer believe what we are told? This is yet another in a long series of black eyes for the so called experts who have managed to direct the American economy into the ditch.
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