Oops, Our Mistake… (RealtyTrac to Cleanup Foreclosure Data)
by Osman Parvez
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I’ve been tracking the foreclosure situation in Colorado using data from Realtytrac but then I discovered their numbers might be inflated by as much as 3x. After putting in all the time to build charts and track data, perhaps “disappointed” is putting it lightly.
Anyway, good news is on the horizon. The company will be fixing its reporting system. Although I know their data is still too high, If I get some time over the next few days, perhaps I’ll do a foreclosure update for the sake of continuity.
RealtyTrac to Revise Formula
Newark Star-Ledger (NJ) (06/12/07); Ali, Sam
RealtyTrac, the Irvine, Calif.-based company that tracks U.S. foreclosures, has announced that it will tweak its reporting system as early as July. The firm’s monthly foreclosure tally is widely cited in the media, but RealtyTrac’s methodology–which sometimes results in properties being counted multiple times, thereby boosting overall numbers–has spawned criticism from the Mortgage Bankers Association and officials with Colorado’s Division of Housing, among other detractors. Saying that media outlets and other followers of its monthly releases too often misinterpret the data, RealtyTrac CEO Rick Sharga said the company will continue to report new filings but also will break down the numbers in terms of unique households affected by foreclosure.
hat tip: Jeff Laws
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Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
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