NAR inflating sales figures - waiting for justice department investigation

I read on MSN that the NAR apparently overstated home sales by as much as 20% as far back as 2007. The author opines, without any apparent reason, that “No one seems to be implying that numbers were massaged, cooked or manipulated.”

I would think there is every reason to believe the numbers were massaged, cooked or manipulated since that would be in the NAR’s interests and consistent with its numerous misleading practices.

If the numbers were manipulated by the NAR, I would think that would make the NAR a target for legal action by anyone and everyone who purchased real estate while the numbers were being manipulated and subsequently saw the market price of their property drop (that would be the vast majority who purchased since 2007). Obviously inflated figures would have inspired false buyer confidence.

Shouldn’t the justice department investigate? Wouldn’t this constitute a RICO violation? A subpoena of email and other correspondence at the NAR would likely allow an easy determination of innocence or guilt. I am tempted to say I would be shocked if there is no investigation, but sadly I am no longer affected that way by the government’s stupidity, incompetence and audacious complicity with power elites.

I guess it would be up to those who bought houses and suffered to initiate legal action. I think they should all sue the NAR. Fortunately for me I am not one of them as I have followed and heeded the information on Patrick.net for several years.

Bookmarks:

Please provide us with your opinion on this article: Your name: Comment:  Please register or login

Alla Gosh, I wish I would have had that information eariler! read more... 08/10/2011 Read all comments: 1

See also:

Miami Condo Market: Bust to Boom? South Florida real estate developer Martin Margulies has been sitting on prime ocean-front property ... » Real Estate news 03/15/2012   Baby boomers will be selling their homes, but will their children want to buy them? As home-owning baby boomers age, they’ll eventually be leaving their homes. But it’s unclear whether... » Real Estate news 03/11/2012   The South Florida house that became a fraud machine If South Florida was the capital of mortgage fraud, Victor Wolf’s home was arguably the epicenter, c... » Real Estate news 02/27/2012