Is the MLS fudging sales prices?

That’s the accusation in this article in Zerohedge. Houses sold in foreclosure auctions are reported on the MLS as having sold for their asking price when in fact they may have sold for 40% less.

So far as I know, that is not going on here in Greenwich – for one thing, we have very few foreclosure auctions, so far. I know of only a couple of dubious reported sales prices, and those were by a developer trying to keep of the value of his remaining houses. But if it’s a common phenomenon in other parts of the country, the hen housing prices may be even worse that we thought.

4 Comments

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4 responses to “Is the MLS fudging sales prices?

  1. Anonymous

    Chris,

    2 Windrose Way in Mead Point was auctioned last week. Any news as to sales price?

  2. Jack Martin

    Why would this be surprising?

  3. Anon E. Moose

    REALTORS® lying? Inflating prices? I’m shocked, SHOCKED! Say it ain’t so, Chris…

  4. Anon E. Moose

    Jack,

    Suprising? Perhaps not (my Capt. Renault protestations notwithstanding).

    Fraudulent, Anti-competitive? You betcha. If only there were someone home at the DOJ Antitrust Division. They’re all out chasing Whole Foods… that is when they’re not investigating racially motivated voting rights violations in Philadelphia.