Housing Crash is getting worse - by Zillow


By joshuatrio   Follow   Mon, 9 May 2011, 9:06am   771 views   8 comments
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http://www.marketwatch.com/story/housing-crash-is-getting-worse-2011-05-09?link=MW_latest_news

Short quote from the article:

Zillow now predicts prices will fall about 8% this year and says it no longer expects the market to bottom before 2012.

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  1. thomas.wong1986


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    1   10:33am Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike (1)  

    from the article...

    "What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion between 2008 and 2010 on tax breaks to prop up the housing market. All it achieved was a brief suckers’ rally that ended last summer. "

  2. klarek


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    2   10:34am Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike (1)  

    thomas.wong1986 says

    from the article…
    “What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion between 2008 and 2010 on tax breaks to prop up the housing market. All it achieved was a brief suckers’ rally that ended last summer. “

    As I and others have been saying for two years now. I guess it's better late than never that the "experts" can call it what it is.

  3. caven


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    3   12:20pm Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike  

    This article is being featured on yahoo, I'm glad it is getting exposure.

  4. schmitz_kris


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    4   12:26pm Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike (1)  

    How is this news? Everybody but delusional unsophisticates predicted this is EXACTLY what would happen, and VOICI!

  5. Hysteresis


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    5   12:33pm Mon 9 May 2011   Share   Quote   Permalink   Like (1)   Dislike  

    schmitz_kris says

    How is this news? Everybody but delusional unsophisticates predicted this is EXACTLY what would happen, and VOICI!

    the delusional dummies are the majority.

    the news is that the dummies are waking up to this news.

  6. HousingWatcher


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    6   2:49pm Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike  

    Now if only Zillow could do something about their grossly inaccurate "Zestimates"

  7. thomas.wong1986


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    7   3:24pm Mon 9 May 2011   Share   Quote   Permalink   Like   Dislike  

    HousingWatcher says

    Now if only Zillow could do something about their grossly inaccurate “Zestimates”

    Lol! How about predicting future price increases and declines.

    As for Zestimates, Zillow never stated it was ever accurate. Zillow started in 2005, all their zestimates since 2000 were inaccurate to begin with. All it measured how grossly overvalued home prices. Whats the point of it anyway, track the value of your home twice a day like your stock portfolio. Thats part of the bubble mentality problem with the general public.

  8. HousingWatcher


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    8   3:31pm Mon 9 May 2011   Share   Quote   Permalink   Like (1)   Dislike (1)  

    I actually get e-mails from Zillow literally every month telling me my Zestimate has gone down. It's gotten to the point where my Zestimate is not much more than houses that are half the size of mone and MORE than houses that are larger than mine.

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