Who's who of Real Estate economics 2: Dave Seiders, National Association of Homebuilders
Once a sales contract is signed, there's no way of recording
the cancellation or putting the home back in inventory.
Builders keep track of gross and net sales; we don't have a
net sales number from Commerce.
-- Dave Seiders, chief economist at
the National Association of Homebuilders in Washington.
The Census Bureau, which is one of the Commerce Department's
statistical agencies, counts an initial new home sale: Sales go
up and the ``for sale'' inventory is reduced. If the sale is
canceled, it isn't reflected in revisions to previous months.
What happens? When the home is ``resold,'' statisticians
ignore that transaction.
We don't double count.
-- Steven Berman, the survey statistician for the residential branch
of the Census Bureau's manufacturing and construction division.
Previously: Mortgage economists, who's who 1: Scott Anderson at Wells Fargo.
Next:
Who's who of Real Estate economics 3:
Todd Sinai.