NJ home sales plunged 30 percent in first quarter (1st reported as a 4% INCREASE)

[Pale Blue Dot]

Source: NJ Star-Ledger

When the National Association of Realtors issued its first-quarter report on the health of the housing market last month, New Jersey was singled out as one of only three states that saw the volume of home sales increase during the first three months of the year.

On Friday, the Realtors' group issued a huge correction, saying that instead of a slight increase, New Jersey's housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year.

"It happened in the crunching of the numbers," said NAR spokesman Lucien Salvant. "It was just a mistake and we owned up to it."

As it turns out, only 114,100 homes were sold across the state during the first quarter - nearly a third less than the 163,000 sales recorded in the first three months of 2007.

Jeffrey Otteau, president of the East Brunswick research firm Otteau Valuation Group, said he suspected the NAR's original numbers were out of whack when they were issued May 13.

"When they came out with that report, we turned it inside out and upside down and we couldn't make any sense of it," Otteau said.

Read more: http://www.nj.com/news/index.ssf/2008/06/nj_home_sales_plunged_30_perce.html

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This will add fuel to the fires of those of us who believe that governments are not reporting accurate numbers about the state of the economy.

[DJ13]

1. "It was just a mistake and we owned up to it."

Bullcrap.

This is SOP for any stats that may impact the stock market with the current administration and their partners in crime.

When the "accidental" corrections were small, no one noticed.

But now that the economy is sinking faster than they want to admit the corrections made after the markets have traded higher on "good reports" are getting bigger every month.

[Endangered Specie]

22. Gives everyone plenty of time to prepare to dump stock monday.

[Tandalayo_Scheisskopf]

2. Yeah, when I saw that...

I was gobsmacked because when I have talked to two realators out here, they said they were dying.

[Phred42]

3. The bastards got caught with their pants down again

or they would have let it ride.

[geckosfeet]

4. In the crunching of the numbers!? Please - spare me the vacuous buzz bs.

Any moran (even a real estate agent or a freeper) can look at 163,000 and 114,100 and see which number is bigger.

Crunching the numbers.

snicker snicker snicker

[pattmarty]

5. Further proof you cannot believe ANY statistics put out in the US....

...nowadays. The biggest example of all these BS statistical "reports" is Fox Business "News". You would think that if you looked at business pages in a newspaper or on the net you would want to get information that would help you in your daily business & investments. Not Fox Business "news" though, they downplay bad "numbers" released by government agencies or worse, don't report them at all. Instead they give you PLENTY of T&A, missing white women, praise for ALL Republican politicians and guests like M-Ann Coulter, Dick Morris and assorted freaks. The old axiom that "statistics don't lie", doesn't wash anymore since Reagan/Bush/Clinton/Bush again.

[geckosfeet]

7. The old axion is that there are three kinds of lies -

1. Lies

2. Damed lies

3. Statistics

I believe that Mark Twain said that.

[pattmarty]

8. Yeah, I agree. Statistics today have become a joke, especially when the government releases them.

[bookman]

16. Quote

"Lies, damned lies, and statistics" is part of a phrase attributed to Benjamin Disraeli and popularized in the United States by Mark Twain: "There are three kinds of lies: lies, damned lies, and statistics."

Always enjoy a "Twain Quote". :)

[Zynx]

6. The NAR is a bunch of conmen. They lie all the time.

I know now why my father threatened to disown me if I ever went into the real estate business.

[MannyGoldstein]

9. Whatever - Enough With The False Doom And Gloom Already

4% up, 30% down... same difference.

The important thing here is that HOME SALES HAVE TURNED THE CORNER! Nothing but blue sky from here! The relative cost of a house, compared to an average wage, has almost doubled since 1970 - it could easily triple, quadruple, or quintuple in the future! Buy now before it's too late!!!

Sorry... wife says it's time to go take my meds now.

[customerserviceguy]

10. In a related story...

the NAR admitted that "cozy" just meant "so small your cat would become hunchbacked", that "secluded" meant "five miles from the nearest paved road", and that "step-saver kitchen" meant "wide spot in the hallway with a hot plate".

[Carnea]

28. First things first

:applause: :applause: :applause: :applause: :applause: :applause:

Now here is a list from 2006 that still applies today

Top 10 Real Estate Lies of 2006

1. This is not a real estate bubble! These prices will only continue to rise.
2. Don’t worry, you can afford this house!
3. Rochester, NY and Flint, MI are the hottest real estate markets of ’06. You can’t go wrong!
4. This adjustable mortgage won’t harm you if interest rates go up!
5. You’ll be able to sell this house within a week!
6. I’m not just trying to get a commission selling your house . . . I really care!
7. Hurry! This One won’t last!
8. You’re crazy! You’ll never lose your home to eminent domain!
9. Trust me.
10. You can’t lose money on this one!

http://www.biggerpockets.com/renewsblog/2006/11/13/top-10-real-estate-lies-of-2006/

[neverforget]

11. I'm shocked that NAR lied. They don't have anything to gain

by lying do they? :eyes:

[Plucketeer]

12. And we have Dub -

- overseas, tryin' to tell other nations how to conduct themselves!

[surf]

13. Why the hell would anyone want to live in New Jersey???

Here in Wisconsin, a 3 bedroom ranch with good sized yard would run you about $165,000.

[kimmylavin]

14. NJ is more than the turnpike.

I lived there until I was 28, moved to Los Angeles, been here for five years, and can't wait to go back to New Jersey.

People want to live in New Jersey because we have all the benefits of NYC while still getting to live in a multi-bedroom house with a yard, the shore, gorgeous country roads up north, charming towns down south, and tons of trees and farmland.

They don't call it "The Garden State" as a joke, you know...

[NutmegYankee]

30. But But, I thought the NJ state motto was "Please Pay Toll".

:evilgrin:

[kimmylavin]

31. Well, that may be true.

:P

How do you think they pay for all that other stuff??? :)

[chat_noir]

15. McCain says N.J. winnable for GOP

Nearly 2,000 people from throughout the state turned out to see the Arizona senator during a town meeting Friday at Burlington County College.

http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20080614/NEWS01/806140341/1006


McBush, your chances are diminishing by the day...

[bookman]

17. McCain - NJ

Burlington County might be one of the only areas where he'd draw 2,000.

Gee, 2000, what a crowd!

[jonnyra]

18. This is typical Rove perception management

Release bullshit numbers to the press that show something positive and then 4-6 weeks later revise the numbers to reflect the true negative numbers figuring no one will call em on it. This has been going on since Bush and the republican crime family took control in 2000. No surprise here.

[lib2DaBone]

19. This Can't Be...

The stock market rallied 200 points on this news last week. It must be true?

[krkaufman]

20. I liked how one of the news channels was reporting an increase in "pending" home sales ...

... this month, noticing they normally don't report on pending sales... just sales. It told me that they're trying to obfuscate the numbers... and worries.

[boomerbust]

21. Give these people a break!!!

They were just using Enron accounting practices.

[Wilms]

23. Did they use e-voting machines?

That could do it.

[skoalyman]

24. well I can see it now monday the stock market dropped 400

points who could have imagined :shrug: :popcorn: :popcorn:

[tanyev]

25. Up 4% or down 30%--easy mistake to make.

I get those two confused all the time.


:sarcasm:

[1Hippiechick]

26. "It happened in the crunching of the numbers," Must have used DIEBOLD calculating equipment....

[mnhtnbb]

29. LOL.

[brentspeak]

27. Lots of "for sale" signs in the northeastern region of the state

Which is supposedly the most well-off part of NJ.