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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!!!
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.
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".
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by SoCal Bottom Rider
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.
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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