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Old 08-12-2008, 01:03 PM
 
609 posts, read 1,873,394 times
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I hold hold a lot of stock in Zillow, their values etc., but if they are even somewhere in the ballpark this is scary.

U.S. Home Values Drop Nearly 10% in Q2 Leaving Almost One-Third of Homeowners Who Bought in the Past Five Years Underwater on Their Mortgages - Aug 12, 2008
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Old 08-12-2008, 01:15 PM
 
315 posts, read 266,178 times
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No one said Zillow was accurate but yes, they are in the ballpark. Yes it's scary. Buck up boys. It's going to be more of a bumpy ride. But I thought all RE was local! Waaaaaaa!!!
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Old 08-12-2008, 01:18 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
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I just read this article myself as it was talked about on Bloomberg. While Zillow has many accuracy issues, I wouldn't be at all surprised if as a national average this was true. Remember it's not 30% of total homeowners, it's 30% of the homeowners who purchased in recent times.

Oregon isn't even close to being that bad, but someone needs to compensate for Stockton, CA.
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Old 08-12-2008, 01:25 PM
 
Location: Barrington
41,818 posts, read 31,705,675 times
Reputation: 14074
I thought this did a decent job of summarizing the state of the market in most places:


"Interestingly, homeowners seem to be oblivious to the reality of the housing market as it pertains to their individual home. As reported last week through the Q2 Zillow Homeowner Confidence Survey(6), 62 percent of homeowners think their home value increased or stayed the same in the past year and 75 percent expect their home value to increase or stay the same in the next six months. Based on the Q2 Real Estate Market Reports, 77 percent of homes actually declined in value over the past year, a slight increase from the 75 percent that declined year-over-year in the first quarter".
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Old 08-12-2008, 02:32 PM
 
1,811 posts, read 5,140,245 times
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Hold a lot of stock in Zillow??? NO WAY! They are highly inaccurate.
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Old 08-12-2008, 02:48 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,528,984 times
Reputation: 6356
Quote:
Originally Posted by SoCal Bottom Rider View Post
No one said Zillow was accurate but yes, they are in the ballpark. Yes it's scary. Buck up boys. It's going to be more of a bumpy ride. But I thought all RE was local! Waaaaaaa!!!
Q2 Q2 When
Zillow HVI % Change Market
Home % Change from was last
MSA Value (YoY) Market at Q2
(ranked by population Index Peak Level
size)

United States $206,919 -9.9% -13.3% 2004-Q4
Dallas-Fort Worth-
Arlington, TX $138,944 0% 0% 2007-Q1
Pittsburgh, PA $117,782 0.6% 0% 2008-Q1
Tulsa, OK $111,888 3.9% 0% 2008-Q1
Oklahoma City $114,493 1.1% 0% 2008-Q1
Austin-Round Rock, TX $199,915 1.2% 0% 2008-Q1
Raleigh-Cary, NC $207,798 0.8% -0.6% 2007-Q4
Grand Junction, CO $226,586 4.9% 0% 2008-Q1

All real estate IS local. OMG in some places the prices went up!

Zillow says my home went down in value 24K in the last month and gives a value range between !87K and 302K. Quite a range.
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Old 08-12-2008, 03:05 PM
 
Location: Charlotte, NC
2,193 posts, read 4,447,602 times
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Zillow has the accurate price of what my mom sold her house at in 2003. So sometimes it's right!
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Old 08-12-2008, 03:06 PM
 
13,779 posts, read 23,205,335 times
Reputation: 7378
The information we pulled off Zillow about our former home was way off the mark!
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Old 08-12-2008, 04:09 PM
 
Location: Pawnee Nation
7,525 posts, read 14,540,277 times
Reputation: 7000
Quote:
Originally Posted by gregandvicky View Post
I hold hold a lot of stock in Zillow,.............


Interested in some ocean front property in Oklahoma?
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Old 08-12-2008, 04:20 PM
 
Location: OK
2,717 posts, read 6,289,617 times
Reputation: 1844
Quote:
Originally Posted by middle-aged mom View Post
I thought this did a decent job of summarizing the state of the market in most places:


"Interestingly, homeowners seem to be oblivious to the reality of the housing market as it pertains to their individual home. As reported last week through the Q2 Zillow Homeowner Confidence Survey(6), 62 percent of homeowners think their home value increased or stayed the same in the past year and 75 percent expect their home value to increase or stay the same in the next six months. Based on the Q2 Real Estate Market Reports, 77 percent of homes actually declined in value over the past year, a slight increase from the 75 percent that declined year-over-year in the first quarter".
This is statement is absolute nonsense. You simply cannot generalize real estate as one entity. Real estate is not a commodity but rather localized.
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