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Housing Crash is getting worse - by Zillow

By joshuatrio   2011 May 9, 2:06am   1,423 views   8 comments   watch (1)   quote      

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.

#housing

Comments 1-8 of 8     Last »

1   thomas.wong1986     2011 May 9, 3:33am  ↑ like   ↓ dislike (1)   quote    

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     2011 May 9, 3:34am  ↑ like   ↓ dislike (1)   quote    

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     2011 May 9, 5:20am  ↑ like   ↓ dislike   quote    

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

4   schmitz_kris     2011 May 9, 5:26am  ↑ like   ↓ dislike (1)   quote    

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

5   Hysteresis     2011 May 9, 5:33am  ↑ like (1)   ↓ dislike   quote    

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     2011 May 9, 7:49am  ↑ like   ↓ dislike   quote    

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

7   thomas.wong1986     2011 May 9, 8:24am  ↑ like   ↓ dislike   quote    

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     2011 May 9, 8:31am  ↑ like (1)   ↓ dislike (1)   quote    

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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