The housing market has softened much more than is being reported. We have been advising our retainer clients for more than one year about misleading national sales information, both with the existing-home sales and new-home sales data. We are now going public with our concerns because we are concerned that policy makers are relying on national data to conclude that the housing market correction has not been severe. Here is our support: Closing Data: We purchase and compile actual home closing data for approximately 181 counties across the country, which captures the counties where about 55 percent of the U.S. population lives and a significant percentage of all of the counties where the large home builders are active. This data shows that sales have fallen 22 percent if you compare sales...
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