NAR overestimated home sales

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The National Association of Realtors says it has overestimated the number of homes sold in recent years and will soon publish revised statistics based on a new benchmarking methodology.The revisions will show fewer homes were sold than NAR previously estimated, but that there will be little change in previously reported ups and downs in home sales on a percentage basis. There will also be no change to median prices or months' supply of inventory, NAR said in releasing its 2012 housing forecast.Potential problems with NAR's benchmarking methodology were first reported by the blog Calculated Risk in January, and further detailed in a report by analysts with CoreLogic that concluded NAR may have overstated home sales by 15 to 20 percent.According to the Wall Street Journal, NAR discussed the issue as long ago as December 2010 with economists from the Mortgage Bankers Association, Fannie Mae, Freddie Mac, the Federal Reserve, the Federal Housing Finance Agency and CoreLogic.In February, NA...