Double-Counting of Foreclosures

The monthly report from RealtyTrac has become a major media event, and the press duly reports the foreclosure numbers RealtyTrac produces. One came out this morning. We apparently have It’s worth perhaps pointing out that there’s an unknown but real amount of double-counting and possibly triple-counting going on. Here’s an example:

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These two listings are the same unit. In addition to the same price, they have the same owner, and since I built this condominium and sold it to the owner, I know that he only purchased one.

You can’t fault RealtyTrac too much for this. It’s a very unscientific error-prone process to cull through all those County records.

But keep it in mind when you hear about big foreclosure numbers.

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