An open letter to the National Association of Realtors members from one of our readers.
With their latest press release, it seems that the National Association of REALTORS has completely given up being a credible source of housing data. Therefore, I would strongly advise against using any of their data or information that they disseminate from their offices. And I would definitely not cut and paste their propaganda into anything you send out to clients and customers via blogs, Facebook or any other social media platform. It will almost certainly turn out to be incorrect if not completely fabricated.
The press release claims that sales have increase 4.3% in January. This might be true but that is highly unlikely. Why do I say that? Because last month they reported sales increased 5% in their initial press release. However, this was actually not the case as they readjusted the number for December during the current month to actually show a decrease in December sales of .5%. So either they are massaging the numbers to tell the story they want to tell or they are incompetent. I will go with the former.
So don’t be surprise in March when they report February sales and adjust January down., there is a chance the number you are quoting today will be absolutely incorrect. And it is funny but it always seems to be adjusted down. That is how a propaganda machine works. One direction. Late last year they had to adjust sales for 4 entire years worth of data. The adjustment was 14% down. No surprise there. What was the reason the data was so wrong for so long? Drift. That is what Lawrence Yun, Chief Spin Doctor for the NAR called it. Another WTF moment.
The NAR can no longer be trusted by us. It is therefore our responsibility to report the correct numbers for our individual markets. And we should do so with honesty and integrity. No spin. No propaganda. No Drift. It is well known by everyone that each real estate market has its own characteristics. Real estate is truly local. I am of the belief that reporting any national numbers for real estate sales is confusing at best and destructive at worst. But until the leadership of NAR is changed and propaganda is no longer tolerated, we must fight to maintain our credibility despite the actions of NAR.
President, Dulles Area Association of REALTORS
Un-Proud NAR member since 2004