NAR realty speak

and...
http://www.zerohedge.com/article/are-existing-home-prices-overrepresented-40

From the email:

Realtors are not reporting the true sold prices on homes. Here are 2 examples. If a home is listed on the MLS and then sells at a auction like Hudson & Marshal or RealtyBid, you can see the sold price online or if you attend the live auctions, see the house sell at open outcry auction. The next day the houses are reported sold on the MLS but always at full price.

The example below sold for $115,000 at Realtybid but is listed as sold for $159,500 on the MLS.

Also, homes are listed on the MLS and sold on the HUD site. You can see the sold area on HUD and the Bid Stats. The house listed below sold on the Hud site for $90,061 but again was listed as sold for full price on the MLS $113,400.

These are only 2 examples, I have seen over 100 and assume it is occurring everywhere. I understand that foreclosures are not included in the sales stats from the Realtor Assoc. but the stats they use are taken from the sold prices listed on the MLS. They are all false.

Simply said, this means that any pricing data coming off Multiple Listing Services is fatally flawed, and if this observation is verified, could potentially be a simplistic means to misrepresent the true home price by up to 40% higher.

As for the examples, here is property 1 as represented by the MLS: note the price of $159,500

I thought this was funny. The NAR speaking out against a housing subsidy they were told cant pass..
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"We are not advocating another one. We think it's important for the market to have time to recover on its own," says Walter Molony, spokesman for the National Association of Realtors.

Bernard Markstein, senior economist with the National Association of Home Builders, says a new credit is neither likely nor desirable.

"From a political standpoint, with Congress not wanting to increase the debt, it would be too expensive," Markstein says. "In terms of advisable, we are bordering on where tax credits become ineffective."

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/09/02/BUFH1F73J9.DTL#ixzz0yPer7FKP