DoingHomework wrote:Looks like the data is out and the error was on the order of a 15% overstatement. In the modeling world that is enormous. I'm not sure it changes the general conclusion that there was a big housing market bust. But it sure ought to embarrass the heck out of the NAR. That kind of error is really inexcusable. In all honesty I expected a correction on the order of 3-5%!
I'm not sure how this is not bigger news.
a. It's embarrassing
b. It shows a tremendous shift away from FSBO
c. It indicates the sheer volume of house flipping that's been going on
d. How many other models does this affect?
e. It has the possibility to affect the U.S. GDP