Existing home sales fell. Realtors are dumb as lawn furniture

Existing home sales didn't rise, they fell.

As reposted on HousingStorm earlier today, The National Association of Realtors report that Existing Home Sales Rose in September

Both the headline and the data behind it are misleading. Barry Ritholtz took his gloves off:

Existing Home Sales fell 5.4% last month, despite the nonsense you have read elsewhere. NAR continues to bullshit America with their garbage data and spin, month after month, with few people calling them on it. Well, I’ve had it up to here with their garbage:

Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors

No, home sales did not rebound — that was purely the result of SEASONAL ADJUSTMENTS As you can see on the NON SEASONALLY adjusted chart below, from August to September (Red Bar) Sales actually dropped. In prior years — 2005, 2006, 2007, and 2008 — there was always a big fall from August to September.

I am honestly unsure of whether the folks at the NAR are dumb as lawn furniture and make these misreperesntations honestly — or whether are just another group of disgusting spin doctors, willfuylly peddling lies because it helps their own agenda. Those are pretty much the only options: Idiots or full of shit. (You decide).