Revisions show bleaker housing market in the past 4 years

A report from the National Association of Realtors discovered fewer existing homes were sold in the United States since 2007 than was previously reported. The new figures show a weaker picture of the housing market whose downfall triggered the U.S. recession.

"Although there are downward revisions for total sales in recent years, there is little change to previously reported monthly comparisons or characterizations based on percentage change," said Walter Molony, a spokesman for the NAR.

According to CNBC, the revision of total home sales for the past four years could show a drop in sales from 10 percent to 20 percent. The NAR said while the numbers are not finalized, the revision will be a significant change and likely affect the economy.

Recent positive economic reports - including builder confidence and home construction increases suggest the housing market is showing signs of stabilizing in the near future, according to Bloomberg News. But many lenders changed their foreclosure practices after a wave of lawsuits over shoddy practices hit the industry in the last few years. Thus, many foreclosures were delayed and are expected to hit the market soon.

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