Blog

Fuzzy Reporting - Press Helps to Distort Housing Data

Monday, March 23, 2009, 10:36 PM

I want to talk about the renewed tendency of the press to reiterate the pronouncements of the National Association of Realtors (NAR) apparantly without consideration for how badly they were bamboozled by the NAR from 2003 to 2008.

Check out this opening paragraph announcing the latest “great news” on existing home sales (emphasis mine):

U.S. Home Resales Unexpectedly Increased in February

March 23 (Bloomberg) -- U.S. Sales of previously owned homes unexpectedly climbed in February as record foreclosures brought bargain hunters into the market to take advantage of lower prices.

I am not clear on this “unexpectedly” part. Home sales always rise in February compared to January. That’s just part of the seasonal dynamic of home sales.

In good years and bad, February is a better month for home sales than January. That’s why the data series is “seasonally adjusted."

Look at the purple lines connecting January to February in the chart below from Calculated Risk. This covers both bubble years and lean years.

Existing_home_sales.jpg

As you can see, each of the last four years has presented a successively lower home sales figure than the year prior, but February was always higher than January, despite the yearly declines.  So I am unclear what the intent was in stating that home sales "unexpectedly" rose in February.

In my book, when something happens each and every year, it is "expected." 

The real story is that home sales are still declining, but you won’t find that emphasized in Bloomberg, Reuters, the NYT or elsewhere. For the most part, that critical element of the story is “hidden in plain sight."

The real fun will begin from August through December, when the series nearly always falls. That’s when you will begin to hear the NAR, and their friends in the media, display a renewed preference for the “seasonally adjusted” numbers, provided those can be spun to provide a bullish, upbeat view of the housing market.

Why do we care?

Because being less than forthright with ourselves is largely to blame for the mess we’re in.

Because we owe it to ourselves to take an unflinching look at the data and see what it says, without needing to couch it in the same soothing but patronizing tones that one might use on a 3 year old with a lightly skinned knee.

But even the numbers above, as misrepresented as they are, do not even remotely begin to display the true severity of the story.

For that we’ll have to use our ability to connect information separated by as many as a dozen paragraphs of material.

Here’s the second paragraph of the Bloomberg article.

Purchases increased 5.1 percent to an annual rate of 4.72 million from 4.49 million in January, the National Association of Realtors said today in Washington.

See what they did there? Announcing a 5.1% increase in home sales sounds good right? While we had to go and dig for a chart showing that a 5.1% increase is pretty much par for the course going from January to February, most folks would have been left with the impression that there was some sort of an unusual bounce there.

We now know that February sales are down each of the past four years and that this Jan-to-Feb bounce was nothing special at all. It was expected and ordinary.  But I digress....

There’s another, even bigger, element to this story that’s just sitting there practically gnawing on the press’ lower legs, just 14 paragraphs down:

Home foreclosures were up 30 percent in February from a year earlier, according to RealtyTrac Inc., an Irvine, California-based seller of default data. A total of 290,631 properties got a default or auction notice or were seized by banks.

Lessee here...290k seized properties (many of which count as "sales" in the NAR methodology) times 12 months gives us 3.48 million homes in default, slated for auction, or seized.

When we divide these 3.48 million (annualized) defaulted or seized properties by the 4.72 million in total reported sales (also annualized), we immediately discover that a full 73% of recent housing activity was distressed.

By mixing foreclosure data with organic house sales, the NAR and the press have badly misrepresented the actual condition of the housing market.

This would be like counting auto repossessions as “sales” and then reporting a big increase in auto buying after a wave of repossessions had swept through a city.

It’s just plain wrong to count things this way, and everybody knows it. But still we do it.

Such Fuzzy Reporting was one of the prime causes of our self-induced housing excess and I am not at all clear on why continuing that practice makes sense at this time.

I think in the future I’ll refer to this as “Jiminy Cricket reporting.”

Related content

31 Comments

FireJack's picture
FireJack
Status: Silver Member (Offline)
Joined: Feb 8 2009
Posts: 156
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Are the properties seized by the banks automatically marked as sold or is it after the bank sells it?

 While talking about mortgages are the alt-a option arm mortgages still going to cause problems? Will it just be a minor thing compared to all the chaos we have suffered or will there be greater consequences?

CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Nice read Chris, I am viewing any and all reporting of numbers through this same lens: what kind of sales are we talking about? what kinds of exports or imports are rising of falling? what are consumers buying when consumption increases (or decreases)? What are typical trends?

The way such (economic) numbers are reported seems always to skew the press (and therefore public perception) impact to the most favorable first impression - as if no one cares or it is unimportant what the information really means or indicates.

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Chris mentions what is going to happen when we get to August and sales begin to fall. I also wonder what we're going to do over the summer as another huge wave of resets gets started. By the time we get into late summer and early fall, not only will the resets be hitting hard, but the seasonal trend in home sales will turn down. With all the money we've shoveled to the banks, I really would like to know the government plan to deal with this one. Maybe that's what the new QE program is really all about...

See this chart, showing the ARM reset action. April would be month 28 on this chart.

http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Sc...

Back In Black's picture
Back In Black
Status: Member (Offline)
Joined: Oct 1 2008
Posts: 11
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Thanks for clearing this up Chris.  I was flummoxed today trying to figure out how they were reporting increased home sales.  Are the traders really this stupid as well?  They drive the market up 7% on this "great housing news" and this incredible "solution" that the treasury announced today.

Quite the great news all around the financial world today???

Why do the people in charge want to lie to the American public so badly and make this whole thing that much worse?  I am trying desperately to convince a friend that now is NOT the time to buy a house, but then he sees this great news about the housing market and is convinced that we must be at the bottom.  And why should he believe me when the entire main stream media is reporting all this "great" news.  Things are surely looking up now!!

I am so annoyed and dismayed.  I thought I was over the anger and disbelief stages, but this just keeps getting worse and more frustrating as we are constantly lied to, and I see friends and family continue to hold on to false hope ane make stupid decisions that could pootentially ruin their lives because they are BEING LIED TO.

Sorry for the rant.  I wasn't angry at the beginning of this post. Now I am.

Keep up the good work Chris.  And thanks from all the poor folks for the free content.  It means a lot.

Back In Black's picture
Back In Black
Status: Member (Offline)
Joined: Oct 1 2008
Posts: 11
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

double post

Michael Höhne's picture
Michael Höhne
Status: Silver Member (Offline)
Joined: Nov 16 2008
Posts: 119
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

This kind of reporting happens at any time. Late last year there was a survey in Bavaria asking people about how they look at the near future. They could choose between good, neutral and bad, where bad also meant they feared about possible job losses. The result was something like 30% good, 55% neutral and 15% bad. Media reported "85% don't think the crisis will hurt them". One could have also said that 70% are not optimistic. It just depends on the message you want to get out.

ceci1ia's picture
ceci1ia
Status: Bronze Member (Offline)
Joined: Feb 7 2009
Posts: 79
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

This is an excellent report. I like how you take us through our own
calculations to see what's really going on. You are helping to educate
us, which is empowering.

ceci1ia's picture
ceci1ia
Status: Bronze Member (Offline)
Joined: Feb 7 2009
Posts: 79
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Also, Chris is absolutely correct; we really have to watch out for
the press/media and the agenda they may be pushing. One of the
creepiest websites is http://www.deepcapture.com/

It is about
naked short selling and the role the press, internet, and TV media have
in bringing down the stock prices of certain companies, notably the
website owner's company, Overstock.com.

I have read some of the
website, listened to a chilling recording of a phone call with a
reporter, and basically felt soiled afterwards. It's disgusting.

For
an excellent presentation on what is naked short selling, one of the
reporters on this website gave a lecture at University of Texas,
"Lecture on Abuse of Social Media by Stock Manipulators." This is about
using the internet to trash stocks, and also explains naked short
selling. For the first time, I learned about the DTCC.

http://www.deepcapture.com/category/antisocialmedia-with-judd-bagley/

After
you poke around on deepcapture and get really mad, go here and see how
many "Failures to Deliver" have occurred on your favorite stocks (data
from the SEC):

http://failurestodeliver.com/

SteveS's picture
SteveS
Status: Gold Member (Offline)
Joined: Sep 6 2008
Posts: 358
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Thanks for pulling the curtain back (again)! I heard about the increase the other day, and my 'CM-sense' started tingling, it just didn't sound right. Thanks for the analysis.  I think it will be interesting to see what happens over the next few months as your chart shows potentially even larger seasonal-based increases. Maybe the crisis will be declared to be over! The bear rally may actually run for a while if it runs on 'facts' like these.

Soulmaster's picture
Soulmaster
Status: Bronze Member (Offline)
Joined: Sep 16 2008
Posts: 27
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Nice post, Chris!  It is informative to get a look at the year over year data on home sales.  Obviously, the 'increase' for Feburary is just a seasonal trend; for this type of data, the year to year is more telling of the current situation.

Mike, the link you provided was also very informative and the graph is easy to follow...by the looks of things, May and June will be interesting--2010 will be even more unpredictable.  It seems like this is a terrible time for the unprepared and an interesting time for those of us who are prepared. =)

-Joe

 

reistr's picture
reistr
Status: Bronze Member (Offline)
Joined: Jul 15 2008
Posts: 50
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Michael Höhne wrote:

Media reported "85% don't think the crisis will hurt them". One could have also said that 70% are not optimistic. It just depends on the message you want to get out.

Great example.

I'm not a conspiracy "theorist", but I find really interesting how, over the past few weeks all sorts of artificial "good news" have been popping up. It maybe a coincidence, but just happened so close together that one can't help but wonder if it's orchestrated.

I'm refering to Citi and BoA having a "profit", GM not needing extra loans, and this unexpected housing "rebound". On all cases if you look a little deeper you see that it's the same type of fuzzy numbers as Chris described. Oh, and let's not forget Mrs. Romer, the government "expert" that's predicting the economy turning by the end of this year, she's been getting a lot of air time.

My guess is that some people in the government still believe the silly notion that this is merely a "crisis of confidence" and everything will be OK if we start shopping again...

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

"Media reported "85% don't think the crisis will hurt them". One could have also said that 70% are not optimistic. It just depends on the message you want to get out."

 

Can't find the article but most financial planners are buy, or hold last I saw approximately 10% were sell.

Like Michal Covel Wrote in his book, Trend Following, which is upstairs so I will paraphrase: Everyone thinks it is a good idea, then this is the time to get out because whey the sentiment changes, everyone's mind changes at once.

I haven't finished the entire book but I will say this: it is worth 20 bucks just to read chapter 6, and chapters 1-5 were really good, can't wait to finish 9 on.

 

Take care 

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Davos: I've got the book on order! My reading list has ballooned so much lately! Thanks for the suggestions!

ceci1ia's picture
ceci1ia
Status: Bronze Member (Offline)
Joined: Feb 7 2009
Posts: 79
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Big Picture has basically the same story about housing figures:

http://www.ritholtz.com/blog/2009/03/annual-existing-home-sales-errata/

 

Doug's picture
Doug
Status: Diamond Member (Offline)
Joined: Oct 1 2008
Posts: 2736
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

reister

Quote:
I'm not a conspiracy "theorist", but I find really interesting how, over the past few weeks all sorts of artificial "good news" have been popping up. It maybe a coincidence, but just happened so close together that one can't help but wonder if it's orchestrated.

I think your suspicions are well founded.  The Administration is pulling out all stops to create a sense of confidence in the populace that will inspire them go out and start borrowing and spending again.  Their desperation is beginning to feel like flop sweat.  Everything is riding on the consumer's willingness to get credit moving again.  The interesting questions are what happens in either instance?  Are we still looking at inflation down the road, or is deflation going to dominate?

Jarhett's picture
Jarhett
Status: Silver Member (Offline)
Joined: Nov 21 2008
Posts: 132
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Deflation is inevitable and needs to happen, however Bernanke and Washington are going to try as hard as they can to produce inflation in order to keep the status quo.  This is man versus nature, and as I recall nature always wins. 

r101958's picture
r101958
Status: Martenson Brigade Member (Offline)
Joined: Aug 24 2008
Posts: 235
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Chris........Shhhhhhhhhh!!!!.........we don't wan't to give anybody any ideas....if you don't watch out the car industry will start using repos as sales in order to make things look better.

Everyone:  A great site that covers all this in detail is shadowgovernmentstats.com; Almost every single government released statistic is manipulated to make things look better for the any sitting administration. It started way back in the 1980's. All explained on shadowstats...... and is perhaps the only other site that I trust besides PeakProsperity.com.

 

 

Moonlight's picture
Moonlight
Status: Member (Offline)
Joined: Sep 28 2008
Posts: 2
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Back in the Black,

My wife and I are running into the same problem with family and friends.  But, I think a lot of the populace don't want to know the truth.  They would rather be told that its getting better and and that we are at the bottom.   Many would rather worry about March maddness and their favorite TV show than try and comprehend a collapse in the dollar.  They have put their trust in the government to save them and figure that if it does fall apart the government will pick up the pieces and bail them out just like they have all the other problems.  

We now take the approach to try and spread the word, but if we run into a head in the sand person, we dust off our shoes and go to the next one.

Michael Höhne's picture
Michael Höhne
Status: Silver Member (Offline)
Joined: Nov 16 2008
Posts: 119
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

r101958,

Maybe you mean http://www.shadowstats.com? Or is there another site I'm not aware of?

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Hello Moonlight: I ahve to do a short review of Michael Covel's Trend Following book, but in chapter 6 it details why people do this. I went through it with my wife last year. Until I read this book I didn't understand this. A lot he says, and I'd agree has to do with the education system, we aren't really taught to be problem solvers and creative thinkers. Take care

Kman's picture
Kman
Status: Bronze Member (Offline)
Joined: Jan 19 2009
Posts: 68
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

FireJack wrote:

 While talking about mortgages are the alt-a option arm mortgages still going to cause problems? Will it just be a minor thing compared to all the chaos we have suffered or will there be greater consequences?

 

 

The Option Arms have the potential to do possibly more damage to housing prices and the economy than the Subprime.  The Subprime wave is nearing its end.  The Option Arms are just getting started.  But they will hit as the economy is already struggling and unemployment is increasing.  To really understand the impact of the Option Arm, need to understand how they work.  One can make a choice from several payment options:  Principal & interest, Interest Only, or Negative Ammortization.  In the case of Neg Am, the amount owed increases until it reaches a certain amount- say 110% to 125% of the original balance.  Once that happens, the borrower must then revert to a P&I payment.  So, unlike subprime where borrowers saw their payments maybe double after the teaser rates ended, Option Arms will see theirs triple (Neg Am to P&I).  No way any of those folks will make that payment.  Even scarier is that close to 2/3 of all Option Arm borrowers are doing the Neg Am payment.  Most of them also got 90-100% financing, and most of these were done in 04,05,06,07.  So basically all those houses are underwater and once the loan resets, they are going to walk.  Move up housing will be more at risk than entry level as well since those were the buyers that used Option Arms.

 Kman

Vanityfox451's picture
Vanityfox451
Status: Diamond Member (Offline)
Joined: Dec 28 2008
Posts: 1636
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Hi Davos,

It seems getting hold of  Michael Covel's Trend Following book is a must!!

Along the lines where you wrote :-

" A lot he says, and I'd agree, has to do with the education system, we aren't really taught to be problem solvers and creative thinkers."

...had me grasping for two films from my You Tube account (one of which you've already used in your Daily Digest a while ago), but more importantly, John Taylor Gatto's 'The Six Lesson Schoolteacher' that I've placed beneath those and have also worn as part of my signature for well over a month :- 

How Television Effects Your Brain

How Millions Of Americans Will Lose Their Homes

The Six Lesson Schoolteacher

http://www.cantrip.org/gatto.html?seenIEPage=1

As long as I keep these three bouncing around clearly at the front of my thinking, everything else, including all of the above subjects in both posts and Chris's 'Crash Concepts' all lock happily into place...

Best,

Paul

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Hello Paul:

I'm watching them now, thanks! Take care 

Woodman's picture
Woodman
Status: Diamond Member (Offline)
Joined: Sep 26 2008
Posts: 1025
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

I wonder if this is similar fuzzy reporting:

 

Durable goods orders rise unexpectedly in February

Orders for large manufactured goods unexpectedly rise in Feb. after record 6 straight declines

http://finance.yahoo.com/news/Durable-goods-orders-rise-apf-14740044.html

 

But the chart here at Briefing.com seems to show orders are still way down from previous years:

http://www.briefing.com/Investor/Public/Calendars/EconomicReleases/durord.htm

How can a debt based economy have the necessary growth for survival if orders are not positively increasing year to year?

 

 

CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Woodman - this is exactly more of the same. There is a concerted attempt to paint a picture full of hopeful signs despite the fact that the underlying economic structure continues to deteriorate. Defense procurement and likely other government related spending underlies the small change being touted.

The market is up again at the moment but eventually (hours, days, weeks - hard to say) reality will reassert itself. The following link was posted in the US markets forum:

http://market-ticker.denninger.net/

Here is a link to the thread:

http://www.peakprosperity.com/comment/26065#comment-26065

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 3359
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Tom - great eye...I have been typing that up this morning...but then the New Home sales came along and was just too juicy... but now I am back working on the durables report.

More shenanigans...will post to the blog soon. 

CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Here is an excerpt from the NYT reporting on this latest "ray of hope"

Quote:
“You don’t want to make a trend out of any one month,” said Adam York, an economist at Wachovia Economics. “But we’ll take the good news where we can get it, and here and there we’re seeing some smatterings of less-bad economic data.”

But details of the data on durable goods gave economists some pause, and Mr. York said the positive headline number was basically a head fake.

The bounce in durable-goods orders followed large downward revisions to January data, and that orders were rebounding from extremely depressed levels. And even with the 3.4 percent gain in February, orders for durable goods were down 28.4 percent from a year earlier, the government said.

And economists said that forward-looking indexes of manufacturing activity are still bracing for months more declines as businesses cut jobs and capital spending in an effort to survive the broad global downturn.

“The underlying state of industry is still deteriorating,” Ian Shepherdson, chief United States economist at High Frequency Economics, said in a note.

Excluding defense, new orders increased 1.7 percent last month.

http://www.nytimes.com/2009/03/26/business/economy/26econ.html?hp

Michael Höhne's picture
Michael Höhne
Status: Silver Member (Offline)
Joined: Nov 16 2008
Posts: 119
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

It seems that the "unexpected" rise in home sales is repeated in the entire world. At least in Germany.

Full German article (Financial Times Germany): http://www.ftd.de/boersen_maerkte/aktien/marktberichte/:Dax-Stoxx-Schlussbericht-US-H%E4userverk%E4ufe-geben-Dax-Auftrieb/491923.html

Schwache Konjunkturdaten belasteten zunächst die Börsen in Deutschland. Die Stimmung in den Chefetagen der deutschen Wirtschaft hat sich im März weiter eingetrübt und zunächst kaum Hoffnung auf Besserung genährt. Dies reflektierte der Ifo-Geschäftsklimaindex, der im Februar um 0,1 auf 82,1 Punkte zurückfiel. Analysten hatten mit 82,2 Punkten gerechnet.

Im Verlauf euphorisierten jedoch positive US-Daten die Anleger. Sowohl Zahlen zu den verkauften Langlebigkeitsgütern als auch besser als erwartete Daten zu den US-Häuserverkäufen ließ die Stimmung an den Börsen steigen. Zudem sieht US-Präsident Barack Obama erste Anzeichen für eine leichte Verbesserung der weltweit größten Volkswirtschaft.

Here's the translation: 

The German stock exchanges were stressed initially by weak economic data. The mood in the executive floors of the German economy has blurred once again in March and at first didn't raise hope for recovery. This was reflected by the Ifo business climate index, which dropped 0.1 points to 82.1 points in February. Analysts expected 82.2 points.

Later on though, investors were euphoric due to positive U.S. data. Sold durable goods as well as better than expected data on U.S. home sales raised the spirit. Furthermore, U.S. president Barack Obama sees first signs for a minor recovery of the world's biggest economy.

ceci1ia's picture
ceci1ia
Status: Bronze Member (Offline)
Joined: Feb 7 2009
Posts: 79
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Michael, that's chilling. This really points out what a house of cards
the (global) economy is, for investors to be euphoric over vapor-data.
It reminds me of that excellent Vanity Fair article about Iceland where
the investors were selling things to each other and jacking up the
price and selling it back to each other and calling themselves rich. Of
course this will evaporate, as vapor is wont to do.

reistr's picture
reistr
Status: Bronze Member (Offline)
Joined: Jul 15 2008
Posts: 50
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Michael Höhne wrote:

Later on though, investors were euphoric due to positive U.S. data. Sold durable goods as well as better than expected data on U.S. home sales raised the spirit. Furthermore, U.S. president Barack Obama sees first signs for a minor recovery of the world's biggest economy.

Fills me with confidence... ;)

Philip Dunn's picture
Philip Dunn
Status: Member (Offline)
Joined: Oct 11 2008
Posts: 3
Re: Fuzzy Reporting - Press Helps to Distort Housing Data

Chris,

Excellent and informitive post as usual.  

I do have a question regarding one major point that you made:

"...290k seized properties (many of which count as "sales" in the NAR methodology) times 12 months gives us 3.48 million homes in default, slated for auction, or seized."

By mixing foreclosure data with organic house sales, the NAR and the
press have badly misrepresented the actual condition of the housing
market.

What evidence is there that the data set for existing home sales contains seized homes?  According the the NAR website:

The monthly EHS economic indicator is based on a representative sample of 160 Boards/MLSs. 

NAR captures 30-40% of all existing-home sale transactions with
its monthly survey. The data provide the total number of closed
existing-home sales in each association/board/MLS....

 The NAR website does not mention the dataset including siezed homes.  A foreclosure typically happens via a trustee's sale at a county courthouse.  The only evidence of that event actually happening would be a deed being recorded.  The Multiple Listing Services (MLS) that NAR surveys typically would not include those deeds in their data.  The data collection process to get that info would be beyond the scope and mission of local MLSs.

Thank you,

Philip 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments