Far fewer homes have been sold over the past five years than previously estimated, the National Association of Realtors said Tuesday.
That's from a CNNMoney.com report by Blake Ellis.
While NAR hasn't revealed exactly how big the revision to home sales will be, the agency's chief economist Lawrence Yun said the decrease will be "meaningful." ...
Yun said the database NAR uses to track existing home sales, the Multiple Listing Service (MLS), has led the real estate agency to over-count existing home sales for several reasons.
The MLS database only includes home sales listed by realtors, and excludes homes listed by owners, providing a very narrow view of the market. And because more people are using realtors to list their homes instead of selling them independently, realtor-listed sales numbers have become artificially inflated, said Yun.
I cannot make sense of that last paragraph; can anyone else?
FWIW, back in 2007 we ran a Quorum on this blog asking the question "Is it time to believe in the housing bubble?" Lawrence Yun was one of the respondents: