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May San Diego Home Sales Increase Revised From 89% to 6.5%

Tyler Durden's picture




 

More and more economic data manipulation is coming to the fore, none of which as blatantly obvious as the California housing market. Some of it is palatable, but when home sales in San Diego get revised from 89% to 6.5% due to a "data glitch", it is no wonder that increasingly more Americans realize every single day they are being blatantly lied to by an Administration whose sole purpose in life is to give out 10 pair of rose-colored glasses to every possible voter in the next election. For the most recent take on this the WSJ chimes in:

The California Association of Realtors expects to make sharp downward revisions in its recent monthly reports of soaring home sales in the San Diego area, Robert Kleinhenz, deputy chief economist of the trade group, said in an interview. Those revisions will mean modest downward revisions in statewide sales, he added.

The revisions are likely to be announced in late July, when the Realtor group reports home sales for June.  The problem resulted from a glitch in data from a multiple-listing service in San Diego, Mr. Kleinhenz said. He said a change in computer systems used there resulted in incorrect data being sent to the Realtor association over the past year or so.

Thomas Lawler, an independent economist in Leesburg, Va., who tracks home sales nationwide, raised questions about the San Diego data in a report last week. Mr. Lawler noted that the numbers reported by the Realtors vastly exceeded those from MDA DataQuick, a research firm in La Jolla, Calif., and other sources.

The California Realtors have reported that San Diego sales in April were up about 63% from a year earlier. Mr. Kleinhenz said that is expected to be revised downward to a gain of about 20%. For May, the group reported an 89% increase in sales in San Diego; that will be slashed to about 6.5%, the economist said.

As a result, he said, the state-wide sales gain for May -- reported last week as 35% -- also will be revised down, though it probably will remain above 30%, Mr. Kleinhenz said.

Of course, the problem with this is that as more and more instances of blatant data fudging  become obvious, only the most naive citizens will believe anything that is released as "certifiable" economic data.

Hat tip to all readers who brought this to my attention.

 

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Tue, 06/30/2009 - 17:23 | 3213 Arco
Arco's picture

After working with CA real estate brokers, I would say that the "glitch" could be characterized as more the brokers' stupidity rather than some masterminded manipulation scheme. I can just picture the unpaid intern now incorrectly sorting bits and pieces of incongruous data from various CA brokerage offices.

Tue, 06/30/2009 - 17:51 | 3220 economessed
economessed's picture

This is why I believe that following sales tax receipt data is about the best source of true economic velocity. States can't lie about sales tax income (well, I suppose they could in the very short-term, but that's almost absurd to comprehend) and sales tax data correlates well to "finalized" GDP growth and other key economic series. So when I see Cali sales tax receipts down 7%+, you know that the consumer is shut down and a magical turn-around of GDP is not immediately ahead of us. I believe .gov uses this process to arrive at the truth: 1) research 2) analyze 3) scrub 4) edit 5) leak 6) publish 7) revise 8) revise 9) revise 10) revise 11) arrive at truth 2 years after the fact, finalize the statistic.

Tue, 06/30/2009 - 17:56 | 3225 no-to-wall-street-fraud (not verified)
no-to-wall-street-fraud's picture

This is no 'data glitch'. This is fraud.

Tue, 06/30/2009 - 19:35 | 3253 Got2balls
Got2balls's picture

Please tell me why are those guys getting 6 figure salaries? Can't they tell something is not right from top of their head? or do they even look at the stuff they are publishing.

Wed, 07/01/2009 - 17:19 | 3711 Anonymous
Anonymous's picture

WTF is wrong with our country...lets take it back from the fFEd , Obama, Geithner, and the rest of the crooks

good finance articles http://www.bit.ly/12NCJR

Tue, 06/30/2009 - 19:44 | 3259 100PercentProle
100PercentProle's picture

We have always been at war with San Diego.

Tue, 06/30/2009 - 19:58 | 3264 Jestocost
Jestocost's picture

Hedge Team:

Bravo!

I was getting tired of switching back and forth from the Zero Blog to Seeking Alpha to keep up with you.

The current blatant manipulation of information is most worrying.

Zero tolerance for this ongoing bullshit is what is
required.

Jestocost

P.S.

In think David Raup or Jack Sepkoswki said it first:

"To the first approximation all species are extinct"

and we may be as a nation if this shit continues.

Tue, 06/30/2009 - 20:47 | 3277 orange juice
orange juice's picture

Yeah did you hear about the missing 4 million acres in the USDA corn report that were 'found'? How the F#ck do you lose 4 million acres?

I'm not pissed because I've been short corn from ~440 z9, but some people lost arms, legs, shirts, faces etc. today. This stuff needs to stop before it gets out of control. I mean that just screams of outright manipulation to me.

Wed, 07/01/2009 - 08:43 | 3499 Anonymous
Anonymous's picture

Tom Lawler comments on and adds insight on checking data sources on Housing Crisis @ http://bit.ly/11dOUc.

Do NOT follow this link or you will be banned from the site!