NAR to Announce Revisions to Home Sales
The National Association of Realtors will announce later this week some revisions to its existing home and new home sales counts and perhaps adjustments to its reports on home inventories. The announcement came with little surprise to careful watchers as NAR signaled its intent to review its sampling methodologies several months ago.
What will it mean to leaders of the brokerage industry? Perhaps not much in the short term but longer term it will help NAR regain the credibility it once had as “the” source for housing market data that it lost over the past six to seven years. It also means that their forecasts and reports will likely be more credible and hence provide policy makers at all levels better tools and more comfort with the reports. Kudos to Lawrence Yun for this bold step to correct past issues with these reports.
GSE Reform on the Table
The long discussed and awaited proposal for reform of Fannie Mae and Freddie Mac got new emphasis when the House committee overseeing the GSE’s issued a draft report suggesting huge changes to the charters of these giants. The proposals would ultimately lessen the degree of power that these two firms have over the housing market and substitute private market competitors as a means of continuing to deliver liquidity to the mortgage market.
While the proposals are likely to be radically reformed before any real change takes place, they do represent a marker for all who follow in trying to figure out the future for housing finance. It is recognized that no changes should happen suddenly as any more shocks to housing could tilt the slowly improving economy backwards.
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