Last week the Realtors were on the block, criticized for overestimating the number of existing home sales in 2010.

They admitted there were some issues with their “benchmarking,” and are currently working on a quick fix.

That acknowledgement was certainly a bombshell to those of us who cover housing, but it didn’t really affect investors, as it’s more of a macro-economic issue than a tradable one.

Well here’s a new one that could affect how you stock players trade.

Housing analyst Ivy Zelman, much renowned during her time at Credit Suisse for calling the crash of the subprime mortgage and charting adjustable rate mortgage resets, tells me the Census Department’s data on sales of new construction is also way off:

“In December, our survey channel checks implied a 12 percent sequential decline in seasonally-adjusted new home sales, which was consistent with what the public builders had said throughout earnings season, yet the Census reported an 18 percent increase.

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