Wednesday, December 6, 2006

On Borrowed Money & Borrowed Time

This interesting NY Times article indicates that the housing market statistics posted by the real estate industry machine may not be telling us the whole story:

"The truth is that the official numbers on house prices — the last refuge of soothing information about the real estate market on the coasts — are deeply misleading....

....the statistics have a number of flaws, perhaps the biggest being that they are based only on homes that have actually sold. The numbers overlook all those homes that have been languishing on the market for months, getting only offers that their owners have not been willing to accept."

When can American consumers obtain real, unbiased and undistorted statistics of both local and national housing markets? Even the press seems to indicate that the National Association of Realtors is a realiable source of information for consumers?

People, the fox is officially guarding the chicken coop.

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