"I'm sure everyone reading this is aware that the NAR recently revised lower all existing housing sales as reported from 2007 through October 2011 by 14%. Think about that for a minute. It means that over 7 of every 100 home sales reported over a nearly 5 year time span was total bullshit. They didn't exist. Poof. Think about the implications of that. Housing market finance businesses and realtors got rich off of that fraud because the NAR systematically created a perception of relative strength in the housing market that NEVER existed. Hundreds of thousands of people likely bought homes during that period because they thought the housing market was healthy and a good investment based on this data."