sending them PR reports that prices have declined 25%

Actually, that’s not that far off. There is a major difference between what people thought the market was at and where houses are actually selling. Link

Not to mention where houses are now selling, and houses that get bought this month, really close at next month and reported the one after that. Remember, July numbers are really for homes agreed to in June. So a home “bought” in August, closes in September and is reported just before Halloween…