Wednesday, December 21, 2011
Sales of previously occupied homes rose 4% in November.
But the National Association of Realtors says it overstated more than 3 million sales during and after the Great Recession, showing the housing market was weaker than previously thought.
The private trade group says sales rose 4 percent last month to a seasonally adjusted annual rate of 4.42 million. That's below the roughly 6 million homes a year that economists say are consistent with a healthy housing market. But it's ahead of 2008's revised sales, now considered the worst in 13 years.
The trade group revised its sales from 2007 to 2010 down 14 percent, from more than 20.6 million to nearly 17.7 million. Among the reasons for the lower figures, the Realtors group says: changes in the way the Census Bureau collects data, population shifts and some sales being counted twice.
Read more at OregonLive.com.
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