today, due to flaws in its analysis, the realtors' group revised the data to reflect the much bleaker picture of the residential market. in 2007, 11% less homes were sold. it was even worse in 2008 and 2009, when 16% fewer changed hands, and, last year, sales were actually 15% lower. everyone from wall street economists to builders used that housing data to make business decisions and forecasts. while the miscalculation shouldn't affect home prices, it may help explain why the housing recovery has been so slow. joining me now to explain the miscalculation is lawrence yun, chief economist at the national association of realtors. laurnls, welcome to the program. >> thanks for having me on the show. >> suzanne: so explain to viewers, how do you lose a million homes? >> well, let's look at the facts of what does not change. it doesn't change the fact that a realtor out on the street who may have sold eight homes, the person sold eight homes. remax, cold well banker, they sold tens of thousands of homes, that figure does not change. the figure that is changing is due to the aggregation pro

today, due to flaws in its analysis, the realtors' group revised the data to reflect the much bleaker picture of the residential market. in 2007, 11% less homes were sold. it was even worse in 2008 and 2009, when 16% fewer changed hands, and, last year, sales were actually 15% lower. everyone from wall street economists to builders used that housing data to make business decisions and forecasts. while the miscalculation shouldn't affect home prices, it may help explain why the housing recovery has been so slow. joining me now to explain the miscalculation is lawrence yun, chief economist at the national association of realtors. laurnls, welcome to the program. >> thanks for having me on the show. >> suzanne: so explain to viewers, how do you lose a million homes? >> well, let's look at the facts of what does not change. it doesn't change the fact that a realtor out on the street who may have sold eight homes, the person sold eight homes. remax, cold well banker, they sold tens of thousands of homes, that figure does not change. the figure that is changing is due to the aggregation pro

today, due to flaws in its analysis, the realtors' group revised the data to reflect the much bleaker picture of the residential market. in 2007, 11% less homes were sold. it was even worse in 2008 and 2009, when 16% fewer changed hands, and, last year, sales were actually 15% lower. everyone from wall street economists to builders used that housing data to make business decisions and forecasts. while the miscalculation shouldn't affect home prices, it may help explain why the housing recovery has been so slow. joining me now to explain the miscalculation is lawrence yun, chief economist at the national association of realtors. laurnls, welcome to the program. >> thanks for having me on the show. >> suzanne: so explain to viewers, how do you lose a million homes? >> well, let's look at the facts of what does not change. it doesn't change the fact that a realtor out on the street who may have sold eight homes, the person sold eight homes. remax, cold well banker, they sold tens of thousands of homes, that figure does not change. the figure that is changing is due to the aggregation pro

realtors say assessed value has nothing to do with the sales price of a home on the open market. properties are being driven by demand. homes are still selling, especially in desired neighborhoods. >> real-estate sales definitely have been on somewhat of a decline the last couple of years, but i would say the volume and the prices are starting to pick up. >> later today, the national association of realtors will release its monthly report on pending home sales. we'll have more coming up for that at 6:30. reporting live, jennifer franciotti. back to you. >> thank you. 27 degrees on tv hill. another popular children's brand announce a recall. product that could cause your child some serious injury while they are sleeping. >> a new way to save trucking companies money on fuel. >> you are noticing some chilly temperatures right now. better into the afternoon. we will have details. >> 95 at the tydings memorial bridge so far looking pretty good. things will probably change as the have been all week. no >> welcome back to 11 news today. 6:11. 34 degrees downtown. it is colder as you st

and realtors don't handle that so they have to him and they estimated wrong. you sell your house of representatives. remember when people came to you and they wanted it buy your house? >>shepard: there was good news out of that. >>gerri: the national association of realtors say the home sales are up 4 percent in november, month-to-month 12 percent but prices, unfortunately, are down $164,000. remember when the media was over $300,000 at the top of the boom. >>shepard: condo and apartment sales or construction are rolling. >>gerri: some folks in the construction business are getting back in, now, and deciding now is the time, but, republican the nar numbers that is a factor that companies used to go into the marketplace and we get revised g.d.p. numbers for that period. >>shepard: the down -- do you is down only 12 points. gear i would like to think i would retire some day. >>shepard: you can watch the willis report on weekdays 5:00 eve eastern and 4:00 in oxford on fox business news giving you the power to prosper. north korea has only had two leaders since 19

area of realtors say assessed value has nothing to do with the sales price of a home on the open market. proper is eight being driven by demand and homes are still selling in desired neighborhoods. >> real-estate sales definitely have been on somewhat of a decline the past couple of years but i would say the volume and prices are starting to pick up. >> meanwhile, the national association of realtors fills announced its monthly sales report today which shows the number of americans to sign contracts to buy bonds in november rose to its highest level in a year and half. >> still to come -- want to quit smoking? why experts say it's ok to fill in your first attempt. tips on giving cigarettes up for good and a man is able to get a sword past security in a florida airport. dr. kim hammond is here to answer your pet questions. you can e-mail your questions to us. >> at least one person was killed this morning in central florida on i-95 in valucia county. it involved several trucks. one of the truck drivers was killed in the accident. officials say several other people were injured. an invest

according to the new numbers from the national association of realtors.s are still not thai at a healthy level. and it turns out the housing crash did a whole lot more damage than the experts realized. these are the revised numbers for the past four years. they show 3 million fewer home sales than first reported. peter barnes from the fox business network in washington tonight. 3 million. how are these numbers so far off the mark? >> basically, shep, the national association of realtors said that it double counted a lot of sales over that period as far as sales going forward that 4% jump in november led the top economists at the realtors who got the other numbers wrong. to predict that an upturn could start next year which wind critics up even more. >> we know that the realtors by nature want to be optimistic and rave about home sales are up. they are elevated. everything is rosy. you need to buy a home and get in there now. in other words, they have an incentive to do. this there should have been a watchdog at the nar going through the data saying are we

realtors benefit because realtors help persons by home. they assist with the home buying process. purveyors of products, they then it that when a home is built, and by the way, builders benefit because they will build more homes if homes are selling. washing machines, dryers, stoves, carpets, all of these things go into homes. they benefit. the benefits go far beyond the simple purchase of the home. that is actually not the genesis of the profit, because the constructor of the home, and in storm -- understanding there was a market to be sold in, and then we have the manufacturers of products that benefit. so at a time when we need that countercyclical force, fha is serving a meaningful purpose not only helping us with selling the home of the home becomes so important to other industries associated with a home buying process. and with the construction of the home. fhfa -- fha is an entity that if it did not exist, we would try to created or something similar to it. it did not come into existence on a whim. there were severe problems in the 1930's and fha gave us this exotic problem

>> reporter: when interviewing a realtor don't go just by his or her record from five years ago. ask how they're doing now in this slow market. if they're create of and they make sales, sign up, so that you don't waste your money. i'm john matarese. >>> now, maryland's most powerful radar. >> so many tree lightings tonight. we want your shots. we want to invite to you post them on our wmar facebook page, and also you can tweet to abc2. we're going to get them on the air throughout month. we've got some cool sights not even christmas related. a half-moon over baltimore, a crystal clear sky revealing that very gorgeous december half-moon. 34 degrees right now. wind is calm. and that's a nice change from this time last night. 353 today. average would be 50. so we're actually a little above normal. i think tomorrow, just as much sunshine, should allow us to get into the mid-50s. a nice finish to the day in baltimore, annapolis. not a lot of boat traffic. the beach just about deserted on december 1st, but the bottom line, weather was crystal clear, as it continues to be tonight. maryl

that's what one group of realtors said happened to them to make the kids in need to pay the price.dsey mastis joins us live and has done more to explain. >> reporter: hey matt. these are the fliers that will be including information about the toys for tots and the drive. now, what has happened is that the post office, they said they sent these out for the people here at the realtors that say no, they didn't. if you think about the numbers at this time last year, they had about 300 toys that they had collected this year, which is only 35. >> we only have 35 toys. >> reporter: she believes that the donations at the avery real estate office are low because of the problem at the post office. she mailed 4,700 of these packets at the mailing facility on november 28. she said that the packets, they were never delivered. >> if i would have known that the post office would not have delivered that, then i probably would have taken the $2,000 that we spent on it and just got toys for the kids. >> reporter: this picture shows the donations that were received at this time last year. >> and last

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that comes from our economists at the national association of realtors. we also anticipate, frankly, that some of the areas in the country that were overbuilt, one of which was miami with a tremendous amount of vertical development, may, according to our chief economist, see in 2012, one of the few places in america that will appreciate in double digit figures for that year. we've seen things, in my travels across the country, to phoenix area and las las vegas area, that realtors there are telling us the markets are moving. it's not just the light at the end of the tunnel, but the diminishment of the existing inventory that exists today, and that's a great indicator, do something to create a problem with that, diminish that, kill that, worry, not just the industry, but the consumer and the prospects of america today to buy and create home ownership, and i think you diminish the economic prospectings of america itself. of the last eight recessions, six, six fully, have come out because you got a robust and a very rounded and energetic real estate economy.

interests whether it's these community groups or the national association of the association of realtors the national home builders association and that's the american people understand for years and years and years things were good low interest rates that's going to home with no money to put down so what the government's going to help us get in there on the economy tanks and they can't afford making these payments and then they're underwater and so what has the government done it's come out with a thousand dollar homebuyer tax credits had the f.h.a. step up an inch back more mortgages. and we're just having down the same path that the took us off the cliff the first time so then my question for you is argue saying that the reason why the jaycees haven't been wound down and the reason why we're perpetuating this propping up of housing that the government you and your view can't afford is because a special interest and the lobbying in washington because of members of congress care more about what the national association of realtors the national association of home builders say it than th

realtors say the assessed value has nothing to do with the sales price of a home on the open market. homes are still selling, especially in desired neighborhoods. >> real-estate sales have been on somewhat of a decline the last couple of years. the volume and prices are starting to pick up. >> later today, the monthly report on pending home sales will be released. we will have a closer look at the numbers for baltimore city and surrounding counties. back to you. >> tragedy on the j.f.x. when a boy is killed. it happened wednesday afternoon on interstate 83. the driver of an suv rear ended a car and caused a chain reaction involving two other vehicles. two children were rushed to hospital with serious injuries. a boy died. the girl remains in critical condition. authorities say speed was a factor in this crash. there was another crash, this one on the beltway involving a tractor-trailer. 3 people were hurt after the crash near loch raven boulevard. the officer is in stable condition. two others had non-life- threatening injuries. the cause of the crash remains under investigation. 5:0

herrington says she found out about the scam when a potential renter contacted her realtor. as far as she knows no one was given the money in person and claiming to be her. >>> the library of congress has included some movies to be included in the archive of films. they will include hollywood classics, documentarys and experimental motion pictures. >>> well, a new effort now understood way for a little girl with legos. the new friend collection is causing controversy. and plus if you don't want your kids to eat sweets, a vending machine that you may like. how it works to deep kids away from sugar. >>> legos are not just for boys anymore. the popular toy is getting a makeover and the company is gearing new products toward a new audience, little girls. the characters are olivia, mia, stephanie, and others, five girlfriends. legos says its friends collection is one of the most researched projects ever. >> oh, good. it's about time. >> that's awesome. >> now i can play with girls things. >> it's great for girl to have toys that help them to identify themselves. >> some parents a

again.the nationall ssociation of realtors says far fewer -3 homes have een sold over the past five yearsly estimated.the real &pestate agency ays it's lowering its estiiates of used home sales all the way back too 2007 ---and will release the revised igures ii a repprt on variety offfactors led the agency to overccunt exiiting home saless including double-counting in nearby cities aad the use of outdated data. 33 the euro hits an 11 month plw... and expect crowds if john lisk as those storiess and ore in today's bbsiness brief..- brief. 3 ssocks tumble as theeeuropean debt crisis ccnttnues to weigh points to close at 11,823.the nasdaq aad s and p 500 both closed lower.selling pressures push the euro to its lowest level againsttthe ollar since mid-january. the euro dropped - below the key $1.30 markk wednesday and there are &pconcerns it could fall furthee. the decline cooos pntthsiasm thht eropean & leaders had found a way to solve he debt problems.china announcee plans to slap duties engines. the actton comes as trade tensions between the u-s and chiia are rising. it also comes after th

helping realtors sell homes in california. >> plus the key to a happy marriage. it is easier than you think, or is it? >>> good evening, i'm jeff ranieri. microclimate in full effect to day with patchy fog. also fog to start. but offshore winds strong enough to bring a sunny sky, and 60 in san jose. for tonight clear skies. and cold temperatures, talk more about showers. in just a few minutes. >>> the gap between the rich and poor in california its the largest it has been in 30 years. those are the findings from public policy ns to the of california. it says high income families are earning nearly $12 for every $1 earned by low income families. and just under half of california families now classify as middle-class. which is a new low for the state. the city says high income fame lows have been able to with stand the recession much better than low and middle-income families. and the large gap between top and bottom expected to last longer. >> key to a successful marriage, not money or in the natimacy. those that gave things to their spouse freely and abundant lea

the national association of realtors admitting in 2007 overestimating home sales by three million homes that. means sales were 15 percent lower. this proves that even the housing bailouts were a bigger waste. >> yes, once again, it is an incredible thing. excuse me a second. i have to read this. is astonishes that the agencies that are uncoordinate giving out money to housing. four tarp agencies and three involving freddie mac and fannie mae. and federal reserve and u.s. treasury and fha and a partridge in a pair tree. merry christmas, america. they are stealing your money again. it is unbelievable. they passed out all of the mon yenone of the money worked >> jamu, we are seeing no improvement in the housing market. >> they passed it out to the banks and incent vised and coaxed along and they probably should have been forced to do the thing they don't want to do. principle reduction . this is on the backs of the banks. i will sit here and say surprise you, folks, government intervention will not fix the problem. let's have the banks look at two words they are running away from. >> john,

it's estimated the national association of realtors overstated 2010 home sales by at least 15%. and finally, a rare 1787 gold brasher de plume, first dollar coin minted by a goldsmith who was george washington's neighbor has been sold for $7.4 million. >>> coming up, pink slip day in the nfl. and fan lights the red light in hockey. plus, the seahawks butt heads with the rams in monday night football. your early morning sports headlines are straight ahead. >>> the cold and the rainy storm system in the desert southwest is headed for the central u.s. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, all but officially dead early in the season, last night the seattle seahawks won for the fourth time in five game. here's nbc's fred roggin. >> seahawks with a win over the rams. special teams came up big in the first quarter. boldin untouched off the edge and blocked that punt. robinson scooped and scored and seattle on the board. they were up 10-3 at the half. big play in the first, another in the

the national association of realtors will discuss housing and mortgage trends and their impact on the:30, a panel of reporters will talk about the latest developments in the presidential campaign. there will be a discussion on political and social unrest in russia. washington journal airs every day beginning at 7:00 a.m. on c- span. tomorrow on c-span's "newsmakers" a freshman congressman from illinois joins us. he will also discuss and amend it that he recently co-authored that has to do with iran's central bank. the senate approve that measure 100-0. "newsmakers close " airs sunday at 10:00 a.m. and 6:00 p.m. on c-span. >> i pride myself on telling people what i thought. the worst thing you can do is let a senior leader head down the wrong road. maybe we should take another look at this. maybe we should look at this from this perspective. people's lives could be at stake. we have an obligation and a duty to be good stewards. you have to be courageous in a meeting where everybody's head is going up and down. >> marsha anderson on her career as the highest ranking female african ameri

think again.the nnaional ssociation of realtors ssys far fewer homes have been sold over theepast pive yearssthan ppeviously esti. estimated.the real estate ageecy said ii's lowering iis estimates of useddhome sales going back to 2007... and will release the reeiseddfigures in a report out next week.it says aavariety of faccorr led existing home sales... &pnearby cities and the use of outdatee daaa. scenes llke this are becoming fewer and far between here in the u-s.the pew esearch penner sayy marriage in this census bureau data from 2010 &phalf offu-s adulls were mmrried.analysts say if the trenn continues... single &ppeople will likely be in the majorityyin just a few years.. a new study reveals moms whho work... are healthier than moms who stay at home with their kids. 3&thht'ssaccording o pessarchhrss t the universitt of north carolina in at data from more than 13-ked hundred mothers all over the u--... for a 10-yearrperiod. they found that moms whh worked full or part-time obs had fewer symptoms of deprrssion... and were healthier in general than stay- at-home moms.rrsearchers als

jennifer thompson is a realtor from palm desert. until 2004, she got insurance through her husband, reed. after he died of cancer, she continued coverage through the cobra option for three years, and then, when that was exhausted, sought insurance in the individual market. in 2007, she says she had a full physical and then filled out a form with an agent over the phone for an individual policy with blue cross of california. >> it was at that time that i mentioned to him that i had been diagnosed and treated for breast cancer back in 1996. and at that point, he explained to me that that didn't matter because this particular policy required only a ten-year health history, and as that had all taken place prior to the ten years, that we did not need to mention it. >> narrator: thompson got a letter from blue cross accepting her. it read: >> "congratulations! you have been approved for coverage with blue cross of california, the most recognizable name in health coverage the immediate value of your coverage is peace of mind." >> narrator:

chief economist for the realtors group came out last week and said this would have a huge revision.ly they had been miss counting home sales for the past four years. he said it's going to be a meaningful decline and show us that housing was worse than we thought if that's at all possible. >> all right, lex. >> also looking at gdp. >> lex, we've got to move on. sorry. i know there's a lot happening next week. >> that's all right, don. >> lex luther harris. thank you, sir, we appreciate it. >> all right. >>> the wife of basketball star kobe bryant files for divorce after 10 1/2 years of marriage and there is no prenup. what does that mean for his financial future? you can probably guess next. >>> first drfrnlths drchlt sanjay group that this week talks to heather knight who is, a word i've never heard of, a social robotisist. >> a social roboticiss the is one who makes robots to interact with people in a human way. when i tell people i make robots, they're like, that's really cool. when i tell people i make social robots, they're usually a little confused at first. i found the best wa

lawrence yun chief economist and senior vp for the national association of realtors. looking at home sales and we want to also talk about home foreclosures. 40 percent on showing an increase in home sales including states like california, georgia, michigan, and utah. all but six states enjoying a double-digit gain from 2010. guest: the second half of this year was sharing a good turnaround. these increases have mentioned are against one year before. some of the very hard hit states, arizona, nevada, florida, have been making progress in terms 0 buyers coming into the market and inventory steadily declining. prices, i would say, have not yet stabilized. stabilization, are moving sideways, but in these markets that have yet to show any notable upturn. the first is an increase in home sales and a decline in inventory. host: why is this changing? guest: the affordability index is the highest in 40 years, a great time for people to come in. historically low 4% mortgage rates, which is the average. there is a rising rental trend, so they're starting to feel some squeeze. fi

he was getting prepared to buy seed, fertilizer, was talking to a local realtor in regards to some land he might want to purchase or rent. that just stops it just like that. it's going to have an impact on crops, this is going to have an impact on our food prices, it is pretty broad across all the farm country. and i'm hearing more about this than i am what's going to happen on the farm bill. >> reporter: we did talk would one investor who wanted to ask the senator where's the money. so is that the question you're going to ask if you get a chance to talk to mr. corzine, we can say what happened to the money and where is it, i think there are a whole series of questions, one leading to another, to ask our former colleague. and by the way, i want to emphasize that if he's our official former colleague that makes him no different than any other witness. >> reporter: if we can fine customer, if the money from m. f. global is lost, should the government step in and help to make these people whole? >> well, that's still a question. let's find the money. and let's see working with the trustee,

building because after a long search, looking at more than 20 properties over 14 months, with our realtor, paul pachana from kidder matthews, we have focused on 3450 as being the ideal location to provide accessibility for the community and our partners. we are also right now working with tom elliott and fish, architectural firm to build and child-focused and child-friendly location. we anticipate seeking permits within the next three months. for all of these reasons, i urge you to support supervisor cohen's legislation. i close by introducing our legal counsel, jim abrams, from gibson dunn who is available to answer any questions that you may have. i have to thank jim and his colleagues at gibson dunn because over the many months they have provided significant pro bono support to this project. thank you so much. i appreciate your time. president olague: thank you. is there any public comment on this item or would people like to stand up to show their support at this time? for the project? either/or. >> thank you. any public comment? anyone dying to say something? [laughter] not dying but

remember, they're based on an estimate, based on a sampling of data reported by actual realtors. >> sosaw the story first reported on "nightly news" last night. it is everywhere today. the headline is it is worse than we first thought. do you not see the headline that way? >> reporter: well, the numbers certainly show that. from a real life perspective, mostly experts look at a variety of indicators. and even once we have them, it is climbed of funny. we actually spent relatively little amount of time on them. we spend a lot more time digging behind the numbers because there's so much that we all know any way the numbers don't tell us. there are all kinds of variables they don't reflect. all kinlds of i haddio sink ra r. home buyers were for a home. if you need a home and you have the money you won't not buy a home because these numbers retroactively have been revised down. you'll go look at a home and you're more focused on the prices in a particular neighborhood. same thing with developers. most developers need to have a local market study done which is very extensive and it is not b

we told you about a realtor way behind on his collection efforts of the toys after its fliers seemed to get last in the mail. today we heard from the folks at avery head. they told us our story helped them collect more than 700 toys in the end, and they delivered them to quantityco today. coincidentally a lot of the clients told them "we started getting the mailer in the last few days. >>> as we hit the first days of winter, looks like santa is about to deliver a lump of cole so to speak to our region's ski resorts. many open, but just barely after weeks of unusually mild weather. liberty mountain resort has 1,200 seasonal part-time employees sitting idle. the resort managed to make snow during cold nights last week, but hasn't been enough. >> i think people will be really surprised once they see how quickly we can turn a mountain that doesn't have any snow into a mountain that does. if we get some halfway cold temperatures, around 28, 29 degrees over two or three days we can start skiing. we'll open up slopes very quickly. >> a lot of waiting for that. this map shows the region's re

suspect shot and wounded a man in willow glenn and then carjack and later murdered a popular local realtor. for domestic violence is blamed for at least six of the 38 homicides. one of which occurred in october. >>catherine: a shooting in east bay said one person to the hospital. police have not released a lot of details. one woman spoke with the shooting victim moments after he was shots. >>haaziq: a violent midmorning shooting and concord has rattled the nerves of one neighbor who witnessed the aftermath of the violent incident. >> i was in my apartment and we heard four gunshots. all the sudden, a guy comes running up the stairs. he was saying, as someone is trying to shoot me. we went right back into the apartment. then, we called 911. i noticed that the victim was standing over there by a laundry room. they came over the fence in and shot across the parking lot. dan, they leaped back over the fence and went running. i saw the guy in the red that got shot. he was a nice guy, a construction worker. it is ridiculous that this happened. this neighborhood is usually so quiet. we are all wo

i am a realtor, and i also liked the idea of new customers and maybe most important, continued access to parking for those of us operating small business in the area. admittedly, the project would create a short-term loss of parking during part of the construction phase, but there is going to be alternatives to the parking available at that time, because it is the long term benefits that we are after, and this is why we still support what can be, so let's continue with the revitalization of our waterfront. we need to look forward and not always to the past.

the national association of realtors. they are the ones who report home sales numbers that so many rely on as a gauge of our economy. and they are about to revise those numbers down. it appears housing sales starting back in 2007 may be even worse than we realized as in the numbers may have been off by 20%. diana olick covers the industry for cnbc. she's with us tonight from our washington bureau. diana, what does all of this really mean? >> reporter: well, brian, it means the housing crash was worse than we thought. even though we knew it was already unprecedented. that headline will have a direct effect on already weak consumer confidence, which is just what the housing market does not need today. remember, this is a backward looking revision. we have to think of that. so it doesn't change the market today. it doesn't change the fact that there are 6.2 million borrowers behind on their mortgage payments or in foreclosure. that over a third of today's home sales are bank-owned homes. and it doesn't change home prices. no

i am a realtor, and i also liked the idea of new customers and maybe most important, continued access to parking for those of us operating small business in the area. admittedly, the project would create a short-term loss of parking during part of the construction phase, but there is going to be alternatives to the parking available at that time, because it is the long term benefits that we are after, and this is why we still support what can be, so let's continue with the revitalization of our waterfront. we need to look forward and not always to the past. >> i am jim chapel, also representing spur, and i concur with the previous comments of ms. nordberg. it is important to understand the planning process that has gone into a washington and where it has come. this is out of place since you cannot get the principles and guidelines that have shaped eight washington to maximize the site for the public, not just for a private club members, a few neighbors, and cars. today, we have heard from some long retired city bureaucrats, and it was clear to me from their testimony that they have ne