How can they do that???? We've been told many times on this forum that there is NO shadow inventory......
http://www.housingwire.com/content/zillow-expands-home-search-includes-pre-market-inventory
Zillow expands home search to include shadow inventory
By Call it Crazy Follow Thu, 25 Oct 2012, 3:56pm 1,887 views 28 comments
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The deadbeats can hide no longer. Just discovered my past landlord was not paying his mortgage on the property I was paying rent on. Bastard.
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Strategic Renter says
I hope you're not still living there.....
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No I moved in March and he was 25k past due in june. Property now in foreclosure process.
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Brooklyn, NY
where is the info from
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That is the biggest "gamble" for a renter... you could be paying your rent every month but the landlord is spending it on other things..
Maybe this new Zillow feature will allow renters "advanced warning" to check to see if the house is in pre-foreclosure before the sheriff shows up to evict them.
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Frickin' fantastic.
Biff
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Los Angeles, CA
Uh oh, Zillow's "shadow inventory" is only showing 2.3 million, according to this article. Darrell's not gonna like that very much. . . .
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Mountain View, CA
bmwman91's website
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Wow, that is actually pretty impressive. This seems like good news for prospective buyers.
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Mountain View, CA
LarryPatrickMaloney's website
This is great! (Better start shorting realtytr... com
(Love that site)
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Yes. Shadow that exists but one can't simply see it,so it often is denied that it exists!
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Call it Crazy says
You can always check with the county. NOD's are public record.
But it's not as simple as going online as far as I know.
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This is going to be huge for buyers I think. Like the article says, before it was investors and whoever worked the system that got the info first and profited handsomely.
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Call it Crazy says
Nobody claims that there aren't people in the pre-foreclosure process, just that the data is readily available. It's not a giant "shadow"... 30 day, 60 day, 90 day late data is easily obtainable.
The fact that zillow is showing it is nice, but it's not like the curtain has suddenly been pulled back or something.
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Scottsdale, AZ
robertoaribas's website
Ok, so I just searched this new zillow data for my zipcode: 85250. According to zillow, there are 49 homes in preforclosure...
However, according to my search of the actual tax page, there are 58...
I'm not sure why zillow is missing so many of them...
Basically, this is a non newsworthy event to me, as I have always been looking at better pre-forclosure data to help make my decisions, using the actual county tax records...
AND these data have been improving, and improving fast here in phoenix. the foreclosure pipeline is on its way to emptying...
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bmwman91's website
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I wonder if this will lead to law suits against Zillow. How? Prospective buyers harassing people for short sales because Zillow shows them as behind on payments. This could potentially not end well for Zillow, but kudos for them for making this information readily available to the public.
Roberto, the info may not be useful to you (or other investors) or as complete as the county records office, but it is pretty good stuff for regular guys like me. I'd have to go to the county office or pay for database access if I wanted to see this stuff in Santa Clara County. Hopefully around here, where there are a lot more houses in default than there are for sale, this will start a wake-up call for people. Phoenix sounds like a very different story since houses were priced much MUCH lower and for whatever reason the banks didn't mind liquidating their inventory of distressed properties. Where I am at, they are just sitting on them and doing nothing.
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robertoaribas says
until the one that is emptied come back in the pipeline...don't be in the illusion that there will be no further pipeline..
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bmwman91 says
You mean panic?
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San Ramon, CA
bmwman91 says
You got that straight. I'm looking in the east bay and its astounding how many more houses are blue vs. red.
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bubblesitter says
No one denied it existed... They just didn't believe it was every other home like Darrell.
Only 5 pre-foreclosure homes in my entire neighborhood apparently... so scary!
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FortWayne says
I can go online in my county and view any lis pendens and since it takes 3 years to kick out the squaters, I can see who could be a future foreclosure.
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46 male
Menlo Park, CA
I think there's a good case to be made for a federal law that requires the counties to all report their real estate data online and in a uniform manner.
It ain't too hard, they just don't do it because no one makes them.
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Comparison between data on zillow (Z) and foreclosure.com (F)
OREGON
Preforclosures: Z= 650 F=1225
Foreclosures: Z=716 F=3207
Phoenix
Preforclosures: Z=705 F=3534
Foreclosures: Z=280 716 F=2424
San Jose
Preforclosures: Z=150 F=1563
Foreclosures: Z=13 F=301
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El Cerrito, CA
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Bennie has got deep dark pockets. That's why you'll never see that real estate for sale.
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El Cerrito, CA
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First through inflation (lending absurd amounts of other peoples money to irresponsible buyers) they raise the prices. Then through deflation (they stop lending so there are no customers to pay the inflated prices when the irresponsible buyers default) they confiscate.
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El Cerrito, CA
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Works best if you so muddy the chain of title that only a flock of lawyers and some well greased judges can quiet them. Makes it that much easier to eliminate any competition.
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Los Angeles, CA
These numbers do not include the homes where the mortgage is not being paid, but no NOD has been issued.
That number is 3x the currently viewable numbers combined(mls listed + PF + foreclosed)
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Vero Beach, FL
Vero Beach, FL:
For Sale: 402 total, 22 Foreclosures
Pre Market: 0 Foreclosures, 25 Pre-Forclosures
Sold: 614
I used 6 months on Zillow and only SFH and Condos as filter. Otherwise, solds are over 3000.
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This is gonna definitely help buyers in waiting....not so good sign for sellers...Realtors will start hating this as it blows up their purpose of manipulating MLS. :)