Not saying Zillow is accurate for individual properties but their aggregated trend data is tough to refute: http://www.zillow.com/real-estate/MI-Rochester-Hills-affordability
No, it's quite easy actually - their "zestimate", which everything is based off of on their site except the county assessment data, is worthless. Their aggregated data is based on thier piss-poor individual data points, so how can it be any better?!?! We've had houses in our neighborhood recently sell for 20%+ over Zillow's numbers. Use MLS comps for the data - Zillow is a joke. Regards,
Ummm, like I said, Zillow is questionable for individual properties. Cyberhomes also shows continued declines: http://www.cyberhomes.com/neighborhooddetails.aspx?placeid=685093
Question: Will we be seeing more of this? Can shareholders sue financial companies for all the shenanigans - like saying things are fine and then - bam - news comes out otherwise? Will a wave of successful, high-profile lawsuits be imminent and have far-reaching effect, or not? SUBPRIME TODAY Deutsche Bank faces suit over subprime securities By MarketWatch M&T Bank Corp. has filed a lawsuit against Deutsche Bank and money manager HBK Investments LP over a soured investment in mortgage securities, The Wall Street Journal reported Tuesday. The suit, which involves collateralized debt obligations, accuses the pair of fraud, according to the report. It alleges that Deutsche Bank "withheld from the ratings agencies material information about the quality and default problems" that Deutsche was experiencing with CDOs backed by subprime mortgages and other risky loans, the paper said. p$
That chart looks pretty flat - not to split hairs, but when a house on my street goes for more then it was purchased for a few years ago the sky suddenly stops falling. Regards,
But but didn't the FED lower rates to help the economy and to minimize the impact of the housing crisis?
Zilliow, like Real Estate, is regional. I know it to be super accurate in some areas. In my real job I have access to a lot of professionally done appraisals. Every once in awhile I check zilliw out of curiosity to compare. Often times it's 100%. We're talking within $5000 of the appraisal. In other communties the numbers are complete bullshit. I find it laughable when you say the assessment is more accurate than Zillow. Many times when I do get that bullshit number from zilllow it's because they pulled the number directly from the accessor's office. Remember assessments are for tax purposes. The value of a home is set by arms length transaction of similar properties.
You have to watch this http://www.youtube.com/watch?v=pmeBSWI9sF8&feature=user I went to the NYFed and the reports are there. We haven't seen anything yet.
I agree with that guy 1,000,000%. Being under water will be a greater factor than payments. I know 4 people that have bought cheaper homes than their current home, while still in good standing with their current mortgages. Same size places just less $$. When the new place closes, the old one go back to the bank. No shame in their mind.