The good news this week came in the form of statistics released by the National Association of Realtors stating that they have made corrections to previously released numbers from . It seems things in the housing market were never quite as bad as we were told.
Revisions will be done for the last 3 years worth of data and that should change the picture for the better. However, financial and business decisions were made based on those incorrect figures; the question is how much damage was caused by the mistake. The report of sliding home sales created a drop in confidence that made the statistics a self fulfilling prophecy for the real estate industry.
The numbers for January were dismal, with NAR reporting that 40% or more of the sales were distressed or repossessed properties with bargain hunters dragging the prices down over 15%. February figures may tell if we have reached the bottom, but we can only hope. With inventory still high, chances are that the road will remain rocky for some time.
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