Two significant reports issued late today indicate that the U.S. economy is in much worse shape than what the American people have been told. When one local economist was asked to comment on the news, he stated, "It's twice as bad as we thought."
A closer look at the figures led to a revision of that assessment, however, but the fact remains that in many cases Realtors somehow double-counted home sales.
Two significant pieces of information were released that show not only is the economy significantly worse than anyone realized but it is poised to get even worse, in spite of so-called 'hopeful signs' rolled out by the Obama Administration in recent weeks.
First, the National Association of Realtors reported today that sales of existing homes have been 'double-counted' since 2007. From CNBC: