tag:blogger.com,1999:blog-15223784.post115564434686094890..comments2023-10-08T06:24:07.089-07:00Comments on Seattle Bubble: Zillow Releases Market Report, P-I SwoonsThe Timhttp://www.blogger.com/profile/14832570891451659976noreply@blogger.comBlogger33125tag:blogger.com,1999:blog-15223784.post-1155753763015210642006-08-16T11:42:00.000-07:002006-08-16T11:42:00.000-07:00Heres tiny url for ithttp://tinyurl.com/pcp6vHeres tiny url for it<BR/><BR/>http://tinyurl.com/pcp6vAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155753633966506452006-08-16T11:40:00.000-07:002006-08-16T11:40:00.000-07:00it getting closerhttp://www.oregonlive.com/busines...it getting closer<BR/><BR/>http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1155696905214750.xml&coll=7Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155737834556111262006-08-16T07:17:00.000-07:002006-08-16T07:17:00.000-07:00another article about fraudulent real estate appra...<A HREF="http://www.suntimes.com/output/hlife/hos-news-appraise13.html" REL="nofollow">another article</A> about fraudulent real estate appraisers and the affect they're having on over-inflated real-estate.<BR/><BR/>So my question (which no one is answered) is if Zillow's RE prices are also influenced by Re-Fi's in addition to home sales, than wouldn't it also be true that since Re-fi's are more common than a home-sales they would have more influence over the database than anything?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155710620695739562006-08-15T23:43:00.000-07:002006-08-15T23:43:00.000-07:00Have noticed two "New Price" signs on homes for sa...Have noticed two "New Price" signs on homes for sale in my neighborhood in Redmond. I hadn't been paying attention to how long they've been on the market, but I know a price reduction sign when I see it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155709243302352392006-08-15T23:20:00.000-07:002006-08-15T23:20:00.000-07:00Off Topic: "US Housing market at 15 year low"http:...Off Topic: "US Housing market at 15 year low"<BR/>http://news.bbc.co.uk/2/hi/business/4796649.stmAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155677521867855452006-08-15T14:32:00.000-07:002006-08-15T14:32:00.000-07:00King TV had a news story today about the median pr...King TV had a news story today about the median prices in King County increasing 16 percent in July. <A HREF="http://www.nwcn.com/statenews/oregon/stories/NW_081506ORNhousingpricesLJ.18ce8c4.html" REL="nofollow">Here's the story</A>. They don't mention where the data comes from, but even if it's correct it doesn't show a complete picture of the local real estate market. As has been discussed many times, median price isn't the best tool for analyzing the market. Notice how nowhere in the local media do they mention increasing inventories which have true significance.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155676943182545562006-08-15T14:22:00.000-07:002006-08-15T14:22:00.000-07:00Scotsman Publishing Inc. is a privately held compa...<I>Scotsman Publishing Inc. is a privately held company that has served the mortgage lending industry since 1985</I><BR/><BR/>Yep, straight shooters I'm sure...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155674966339744562006-08-15T13:49:00.000-07:002006-08-15T13:49:00.000-07:00Since 2000, the population declines by 6328, housi...Since 2000, the population declines by 6328, housing units increase by 15,008 and prices go up by ~70%.<BR/><BR/>Yup, it's fundamentals.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155672118602061102006-08-15T13:01:00.000-07:002006-08-15T13:01:00.000-07:00It's also worth noting that this is only the write...It's also worth noting that this is only the writer's third story for the P-I. Before that, he covered the Bellingham housing bubblette.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155672012227251772006-08-15T13:00:00.000-07:002006-08-15T13:00:00.000-07:00All analyses are demonstrating that cities that we...<I>All analyses are demonstrating that cities that went up the most and fastest, i.e. Seattle, due to non-traditional mortgage products, will have the biggest drops.<BR/><BR/>We're now T minus 6 months and counting for bubble hell to take Seattle by storm and teach a new generation of borrowers a hard lesson in fiscal responsibility, and expose just how many investors and flippers really buy here.</I><BR/><BR/>Not all analyses: <A HREF="http://www.scotsmanguide.com/default.asp?ID=1455" REL="nofollow">http://www.scotsmanguide.com/default.asp?ID=1455</A>.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155664752351170122006-08-15T10:59:00.000-07:002006-08-15T10:59:00.000-07:00again sorry Tim, I'll get the link right eventua...again sorry Tim, I'll get the <A HREF="http://realtytimes.com/rtcpages/20060607_appraisalfraud.htm" REL="nofollow"> link </A> right eventually....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155664681356885582006-08-15T10:58:00.000-07:002006-08-15T10:58:00.000-07:00sorry, broken link abovesorry, <A HFREF="http://realtytimes.com/rtcpages/20060607_appraisalfraud.htm" REL="nofollow"> broken link </A> aboveAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155664569178558352006-08-15T10:56:00.000-07:002006-08-15T10:56:00.000-07:00The comprehensive appraisal done on my house was v...<I>The comprehensive appraisal done on my house was very throughly researched</I><BR/><BR/>Yeah Meshugy, that's like saying all jelly beans are black. Paleez.I'm sure you had a wonderful appraiser, but that's not the whole pie. <BR/><BR/>Appraisal's are as much a part of the no-doc/neg-am <A HREF="The comprehensive appraisal done on my house was very throughly researched" REL="nofollow">racket</A> as anything.<BR/><BR/>Its all connected, everyone's in on the bubble game right down the chain... and don't think this is a <A HREF="http://www.contracostatimes.com/mld/cctimes/news/local/states/california/15162629.htm" REL="nofollow"> good thing </A>, especially if you're using Zillow numbers to decide on a refi...<BR/><BR/>everybody wins except for those who buy at the top, its always the case...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155664206568227412006-08-15T10:50:00.000-07:002006-08-15T10:50:00.000-07:00Well, even with 40% annualized appreciation, here'...Well, even with 40% annualized appreciation, here's one flipper in Wedgwood/Bryant that went flopped:<BR/><BR/>MLS# 26125043 Listed at $475K. purchased for $462 on 12/23/2005. It's trustee sale, as the previous owner stopped paying his mortgage in February, and is $25K behind in payments.<BR/><BR/><BR/>http://www.zillow.com/HomeDetails.htm?city=SEATTLE%20&state=WA&zprop=49090151Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155664065342756162006-08-15T10:47:00.000-07:002006-08-15T10:47:00.000-07:00Greenwood is the new ballard I'm hoping that was s...<I> Greenwood is the new ballard </I><BR/><BR/>I'm hoping that was said with sarcasm. If not, I find it funny for multiple reasons:<BR/><BR/>Most of Greenwood doesn't even have sidewalks. It's like unincorporated King County, but with more blight and crime.<BR/><BR/>"The new Ballard" - now THAT is amusing. I was in Ballard for the Seafood Festival recently. To be honest, I sure didn't see much that convinced me that Ballard was now "hip", or worth the current prices.<BR/><BR/>Of course, if you mean that Greenwood is like Ballard in that people are moving there because it's cheaper than other areas, I would certainly agree. But just because prices are going up, it doesn't mean that the area is a nice place to live.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155663993645362452006-08-15T10:46:00.000-07:002006-08-15T10:46:00.000-07:00There you go Meshugy, the HELOC's are a big part o...<I>There you go Meshugy, the HELOC's are a big part of the Zillow equation and a lot of folks will get appraisals right before they refi for one of these.</I><BR/><BR/>Appraisals are a pretty good way to judge the vaule....that's why they use them. The comprehensive appraisal done on my house was very throughly researched. It was very conservative and showed the house below the obvious market value....most appraisals I've seen around here have been like that. They tend to lag behind market value.meshugyhttps://www.blogger.com/profile/12332798876700147445noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155663396961939132006-08-15T10:36:00.000-07:002006-08-15T10:36:00.000-07:00Zillow has my home sold in June 05...actually, tha...<I>Zillow has my home sold in June 05...actually, that is when we took a HELOC..we purchased in 03.</I><BR/><BR/>There you go Meshugy, the HELOC's are a big part of the Zillow equation and a lot of folks will get appraisals right before they refi for one of these. These ARE NOT listing prices or median sold prices... they are not at the whims of the market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155662918268137402006-08-15T10:28:00.000-07:002006-08-15T10:28:00.000-07:00I think Zillow is the worse thing that happened to...<I>I think Zillow is the worse thing that happened to the RE market. </I><BR/><BR/>Interesting to hear your observations...they are dealing with a huge amount of unconfirmed data, so there are bound to be houses that fall through the cracks. Zillow actually has my neighbors house listed more then mine (same model, same year, but not as nice.) They cull most of their data from the county records...if you compare the records you'll often find why a house got listed for more/less then another. In my case, there's a 3/4 bath and a bedroom not accounted for on the county records. If zillow had that info, my house would zestimated even higher.meshugyhttps://www.blogger.com/profile/12332798876700147445noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155662674947919422006-08-15T10:24:00.000-07:002006-08-15T10:24:00.000-07:00frickin' greenwood. no views.Greenwood is the new ...<I>frickin' greenwood. no views.</I><BR/><BR/>Greenwood is the new Ballard. Now that Ballard has joined the mile high price club of other N.Seattle hoods, there's nowhere else to go. Greenwood is the last frontier of N.Seattle. Next stop, Montlake Terrace!meshugyhttps://www.blogger.com/profile/12332798876700147445noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155662239206865812006-08-15T10:17:00.000-07:002006-08-15T10:17:00.000-07:00"I've found their zestimates to be very accurate"Z..."I've found their zestimates to be very accurate"<BR/><BR/>Zillow has my home sold in June 05...actually, that is when we took a HELOC..we purchased in 03. The sales price in June is based on the sales price we paid in 03 + the 100k HELOC (even though we only wanted 20k..we only used 20k and pay interest on the 20k so no harm no fowl as I don't spend every penny available to me). Zillow also shows our home valued at 30k less then the house behind and one over that is the EXACT same model. Our home sits on a pool sized lot. Their home's backyard is maybe 5 feet deep. Their home sold 9 months ago at 40k LESS than what zillow shows it at today. Their home has gone up in Zillow three weeks in a row while ours is losing value. I saw their home when it was for sale and they do not have nearly the same upgrades as we do. Both homes have tile roofs, but zillow shows that they are comp roofs. I brought these "errors" to zillows attention and they have yet to do anything about it. I think Zillow is the worse thing that happened to the RE market. Too many people are starting to rely on data that has shown (me) to have no reasoning in their "Zestimate"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155660585693054972006-08-15T09:49:00.000-07:002006-08-15T09:49:00.000-07:00pfft. a house in my neighborhood (next to Greenwo...pfft. a house in my neighborhood (next to Greenwood Elementary) just sold for $900,000 (was listed at $875,000). Can't wait to meet the new neighbors ;-)...<BR/><BR/>frickin' greenwood. no views.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155659634771344272006-08-15T09:33:00.000-07:002006-08-15T09:33:00.000-07:00Wow, This house looks overpriced to me...Is this t...Wow, This house looks overpriced to me...Is this the kind of listing that is not realistic? I was very suprised. Just listed too...if this sells , then something must be wrong<BR/><BR/>http://johnlscott.com/PropertyDetail.aspx?GroupID=29641359&ListingID=26255617&Sort=0Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155659382775519112006-08-15T09:29:00.000-07:002006-08-15T09:29:00.000-07:00Instead, they suggest going to the county records ...<I>Instead, they suggest going to the county records to see what houses sold for. That's exactly what Zillow does...on a massive scale. So they're doing all the work for you...</I><BR/><BR/>This is partly true. Zillow can be handy to browse recent sales prices, in a way that the county database is not.<BR/><BR/>But things break down when:<BR/><BR/>-Sales are not recent.<BR/><BR/>-Sales are not actual market transactions (refis, divorce settlements, etc.)<BR/> <BR/>-County details about home (bedrooms, bathrooms, livable interior space, garage, age of improvements) are inaccurate or incomplete.<BR/><BR/>-There are no easily comparable homes in an area.<BR/><BR/>I hope the Zestimate on my place is accurate. But I think it's off by about 25% on the high side, largely because it overvalues price/sqft in my area.SourMashhttps://www.blogger.com/profile/17048719626884169469noreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155659002298327692006-08-15T09:23:00.000-07:002006-08-15T09:23:00.000-07:00It's both amusing and disturbing when you see an 8...It's both amusing and disturbing when you see an 8.7% increase in Q2 and it is extrapolated into 40% YOY growth in prices. <BR/><BR/>I'd guess that the majority of people reading/hearing this news story actually believe houses went up 40%, and that it's bound to continue, and there's no bubble.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-15223784.post-1155658821206596872006-08-15T09:20:00.000-07:002006-08-15T09:20:00.000-07:00A friend of mine bought a house in GreenLake (well...A friend of mine bought a house in GreenLake (well, a block south of 85th) in June for $440k.<BR/><BR/>The house is 890 square feet. <BR/><BR/>I thought he paid too much to live so close to Aurora and 85th. (an intersection where there have been shootings in the past)<BR/><BR/>Only 2 months later, Zillow estimates his house is now worth $70k more. In 2 months!<BR/><BR/>$575 a square foot?! For what? So you can walk to Jack-in-the-Box?<BR/><BR/>http://www.zillow.com/HomeDetails.htm?zprop=49057683Anonymousnoreply@blogger.com