NAR Continues Tradition Of Making Mockery Of Itself, Revises December Home Sales From +5% to -0.5%

Tyler Durden's picture

And here is yet another reason why we will permanently ignore the pathologically lying real estate syndicate known as the NAR (link): December data was just revised from +5% to -0.5% (from 4.61 million to 4.38 million). Since December market expectations were for a +5.2% print, imagine the sheer horror the algos would have been faced with had the real number been reported on time. Needless to say, if this number had been unrevised, the January +4.3% increase would have been a decline. This way the aglos focused only on the immediate moment get two months of beats in a row. Huzzah. Anyone who trades anything based on this borderline criminal self-reporting enterprise needs to have their head checked. In other news, when will the LIBOR investigation finally target the NAR?

And for feces and giggles, here is the one, the only, NAR mastermind Larry Yun.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

 

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”

Warning: the man in the above video may be a paid actor.

Golf clap Larry for this latest piece of paid propaganda. However if you were to actually stand back and have an objective thought for once in your life you would know that record low mortgage interest rates are doing absolutely nothing for consumer confidence, as shown here.

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surf0766's picture

It is a National Tradition to revise previous number downward.

sunnydays's picture

They don't care about the revision now, because the market already reacted in a positive way to the fake numbers.  Everyone will ignore the real numbers, after the fact.  They will keep doing this as it works for the market.

EscapeKey's picture

They all do it, and anyone caught NOT contributing to this outright fraud will be fired on the spot.

It's all about goosing the markets. Nothing else matters.

bdc63's picture

"It's all about goosing the markets.  Nothing else matters."

Tru dat.  But it's not just NAR ...

It is my sincere wish that during my lifetime the Federal Reserve will just come clean and admit in public that they really just have a single mandate -- to goose the stock market as needed.

Qa's picture

Like anything else matters besides perpetual QE & LTRO...

trav7777's picture

5.5% is a helluva miss

mayhem_korner's picture

They don't care about the revision now, because the market already reacted in a positive way to the fake numbers.

 

You've just quoted, verbatim, Principle #1 of the Complete Ponzi Manual.

Cdad's picture

I think we need the folks over at Nanex to do some analysis of quote stuffing at the NAR.

Seriously, these serial liars continue to deceive people in the midst of making huge financial decisions...the biggest most will make in their lifetime.  

Shut this F'n operation down!

Mr Lennon Hendrix's picture

+1

Buying a house is like signing your life away, unless you are planning on having a triplex and renting, or you are buying the plot for its arable land.

Dumpster Fire's picture

"Plot" lends itself to one other interpretation.

Problem Is's picture

But LH... It's an opportunity to own the mortgage debt... not the house...

Where can you possibly go wrong???

AndTheRest's picture

Anyone stupid enough to still believe they can maintain a stable income for 30 years deserves to be foreclosed on and lose their 10 years of equity.

Bwahaha WAGFDSMB's picture

Of course.  The revisions are already priced in.

battle axe's picture

Those Assholes cook their numbers every time....

Clueless Economist's picture

Wow, if this clown Yun doesn't get fired from the NRA, our 2nd amendment rights are going to be history.

Problem Is's picture

Lawrence Yun is not worried...

He is eminently qualified for an executive position at the B(L)S...

Don Birnam's picture

"Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. 'The pattern of home sales in recent months demonstrates a market in recovery,' ”

What goes up must come down
spinning wheel got to go round
Talking about your troubles it's a crying sin
Ride a painted pony
Let the spinning wheel spin

http://man.century21firstre.netdna-cdn.com/wp-content/uploads/2011/09/Dr...

trav7777's picture

Yun says that all the time.

In fact, they could replace him with one of those automatic newswriting robots very easily.

slaughterer's picture

Should take the bots 24-36 hours to figure it out.  By then, we will have a close above Dow 13,000 /sarc

HoofHearted's picture

Nobody could have seen it coming....nobody!

GeneMarchbanks's picture

Matters not. The Holiday bump was delivered on and everyone got their bonus.

BLMBRG: 'Existing Home Sales Rise 4.3%'

Now, let that settle in with the bots and PRESTO! You've got one hell of a deluded public.

Alex Kintner's picture

Ditto on CNN Money site. Everyone is singing from the same propoganda hymnal.

Economy: Existing-home sales rose 4.3% in January to a seasonally adjusted annual rate of 4.57 million, according to the National Association of Realtors.

Economists were expecting a sales rate of 4.5 million, according to consensus estimates from Briefing.com.

http://money.cnn.com/2012/02/22/markets/stocks/index.htm?iid=mkt_SF_news

NotApplicable's picture

Ditto on CNBS alerts. 

I get them for the comedic value, as it's always a 180 from what I see here.

Cognitive Dissonance's picture

Doesn't matter one bit what is revised after the fact. Confidence, aka confidence building, is a JIT (just-in-time) activity. What have you done for my confidence lately buddy? Everything else is just old news.

I don't give a rats ass what you do to last months numbers. Give me today's buzz NOW...........

Mr Lennon Hendrix's picture

Riddle me this, how is it that the "headline scanning algos" don't read this news?

NotApplicable's picture

Why waste that valuable time sorting through all of the worthless reality, when you can "cut to the chase" by focusing on perception? Even tails that wag the dogs require efficient utilization of resources. Especially as their half-life approaches zero.

As Jim Sinclair says, it's all MOPE (Management Of Perception Economics).

PaperBear's picture

Revised from +5% to -5% ? How broken is the initial estimating mechanism ?

Cognitive Dissonance's picture

Not broken at all bro. If it is a statistic it can be manipulated to say whatever you want it to say.

It ain't broke if that's what you want. In fact, the PONZI would say it's working just fine.......thank you very much.

pods's picture

I can say with 78.5% certainty that you are indeed correct!

pods

Ropingdown's picture

It's definitely a feature, not a bug.

blu's picture

Listen pal, it is the responsibility of every patriotic American to accept -- no, to demand -- good news and only good news all the time 24x7. We are at war, not with an enemy we can see, but with the invisible enemy called fear. Yes fear. Fear will erode our will to struggle, fear will weaken our precious bodily fluids! Americans cannot be herded like cattle out of fear! We can be herd like cattle in other ways, Hell that's as American as the Super Bowl, but not by Communistic unGodly fear!

So bring on the good news! Go ahead, revise it later! We can take it! We dream big and lie even bigger because we are Americans!

Oh and everyone please support my bid for the GOP nomination. Get a destroyer into the White House! Imma set fire to those lying mutherfuckers boo-yah!

Love, the Archangel Fortran

Cognitive Dissonance's picture

I miss Fortran the Destroyer. :)

DeadFred's picture

"Anyone who trades anything based on this borderline criminalself-reporting enterprise needs to have their head checked."

With all deference I think it is about Fortran. Anyone who's programmed computers knows how they can become predictable and you can infer much about the program by examining the output. We have a programmed market right now with the NAR being one of the spoonfed inputs. It should be possible to analyze the output and develop ways to front run the algos, at least by a better mind than mine. During the air war against Serbia the US lost a stealth fighter because the computerized flight programs reused waypoints, preset flight destinations, to fly the planes to their targats. The Serbians learned that if you hear the jet pass over point A at a certain time then it will pass over point B so many seconds later. It was then a simple task to put up massed antiaircraft fire at the right time and the unseen aircraft came down.

Someone who discovers the analogous quirk in the algo-driven ponzi will get rich. If he/she publishes it the ponzi will have to be reprogrammed.

Problem Is's picture

"Listen pal, it is the responsibility of every patriotic American to accept -- no, to demand -- good news and only good news all the time 24x7..."

Your president is...

  1. A competent leader...
  2. Who makes all the decisions...
  3. Writes his own speeches...
  4. Loads them into the Teleprompter...
  5. Is a Peaceful Nobel Laureate...
  6. Who saved the economy...
  7. Brought the rule of law back to Amerika and the markets...
  8. And is the puppet of no finance capital elites...

How's that working out for you?

PeaceLover's picture

You know that much reverse truth is going to get us all on a list and the site.. banned.. some one told me the java code hosted on the server belongs to MS or someone.. in Hollywood..so they can shut this web-server down at will. :-( 

They have a judge somewhere that doesn't even have a smart phone ready to shut down the internet.
They tested it with Wiki Leaks...

So they are going to shut down ZH,  Way to much truth sneaking out.

 

I mean for God Sake.. if you don't give your money to the bank's (fee's and interest) you should at least give it to the government.

and if you don't do that you more than likely are one of the .00097% and how come your so smart and don't pay taxes or pay interest?

PL

 

surf0766's picture

It is the Greek GDP model.

EscapeKey's picture

...which incidentally is the same as Obama's job creation model.

Conrad Murray's picture

That's racist! It's Bush's fault and you know it.

slyhill's picture

So solly. Decimal prace ony accidentry move one, not two.

SilverIsKing's picture

People will always say what's in their best interest, NAR included.

How many men tell their wives or girlfriends the truth when they ask, "does this make me look fat?"

pods's picture

If you really want to avoid those types of land mines just do this the next time they ask if this makes them look fat:

(with crazy wild eyes)  "OH YES, I love it!"

Bonus credit if you can work in either "apple bottom" or "badonkadonk."

You will not be asked for an opinion again on the matter.

pods

WonderDawg's picture

That's a binary outcome play. You're either golden or you're nursing a fat lip.

WonderDawg's picture

Human nature, true, but usually you only lie when you know you can get away with it. These guys, all of them, economists, banksters, politicians and the MSM pimps, look you right in the eye and lie to you and you know they're lying, and they know you know, and they tell it anyway, hoping you'll say to yourself, "he wouldn't lie if he knew I knew he was lying, so maybe there's some truth to it," and it leaves that little bit of doubt in your mind. But, no, they're lying and we know it and they're still getting away with it. Or maybe I'm just confused.

 

kridkrid's picture

"Does this dress make me look fat?"

"No, your face does".

WonderDawg's picture

That's the "I'm ready to be single again" play. Warning: Could be hazardous to your health.