My fellow agents,
In response, I am enclosing herewith is a post for you guys' reference:
As I said in the main article A Funny World (23): Mail Your Keys In and No Foreclosure Record Out?:
Homes being foreclosed are growing steadily and strongly while the normal transaction is rapidly shrinking, if not down to zero. The former foreclosure SALES offsets the reduction or disappearance of later's numbers and even makes sales numbers look better and rosier in the end. No wonder Zillow.com has sales figures bigger than other websites and its Zestimate of housing price are too high in some cases.
My question is: As I know, Zillow.com reports a "foreclosure" as a "sale." Now comes Trulia. How do we know NAR, Shiller index collect their data for sales number sensibly, even I know everyone uses different methods?
(p.s. I will say misleading as claimed in the following blog is too strong, but it would be safe for me to say: "to have the public confused." And believe me a decent professional appraiser won't be trapped by the tricks. He or she will take it out of a comp. research.)
Misleading Listing [p.s. from Parick.net]
I found definitive proof of misleading data from http://www.trulia.com/.
I hate to sound like a paranoid conspiracy theorist but it does strike
me as deceitful to pass off a bank foreclosure as a recent sale.
For example, the entry on Trulia.com for a Los Banos property lists it as recently sold.
When I look up this same property on Realtytrac, the property was not actually sold,
it was was repossessed by the lender. I know for certain that this listing was reduced
to $120,000 before it found a buyer because it is a house I was interested in purchasing.
It has not shown up on Zillow yet-I suppose because it would blow all the comps out of
the water. --E.R.
(p.s. I believe, Zillow is very slow in updating info. I will double check a listing price on Zillow withNAR website since I found some listings already reduced twice and took $50K price cut when Zillow still keeps the origional listing price at its website. It may not be Zillow's fault since some agents or owners don't update information promptly. )
Address
23238 Orange Ave #5
Lake Forest, CA 92630
New bid! New bid of $146,000 has been placed by nassar on
Details
- Condominium
- 2 bedroom(s)
- 2 full bath(s)
- Approx. 985 sq. ft
23238 Orange Ave #5, Lake Forest, CA 92630
2BR, 2BA, 985SF
 | $147,000 | Taking Post Auction Offers |
The above information is from Realtybid.com, a pioneer auction site. Let's see what Zillow.com has to say about this property as follows:
23238 Orange Ave APT 5 Lake Forest CA 92630
2 beds, 2.0 baths, 893 sq ft
ZESTIMATE®: $329,000 What's this?
- Zestimate
- A Zestimatehome valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value.
Learn more
The Value Rangeis the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table
- Value Range: $282,940 - $345,450
- 30-day change: -$15,500
- Zestimate updated: 01/17/2008
Last sale and tax info
- Sold 06/22/2007:
- $297,459
Recently Sold: $297,459 (p.s. This is the foreclosure minimum bid.)
Now, you can see Zillow.com treats a foreclosure as a sale. Compare the original auction price of $146k and the 21-day final bid of $147K with $329K of Zestimate. What's going on for so-called "market value"?
( p.s After two bids, now it is under after auction 5-day negotiation period. Seems a very chilly California auction over there in Realtybid.com. If you want it, you still have two days to invite your agent to get 3% commission. The job will be neatly done in one month. Trust me Realtybid.com has an excellent marketing service. No hassle at all. Forget about a short-sale that consumes a century time of you if the condo fits your needs.)
Who's in control? Who's the boss, Americans, Politicians or those Wall Street fat cats? Are we still in so-called "free trade" zone? Or those big guys has tried to cook something out of our people's dead body while they are writing down or writing down billions dollars paper value of their ABS collaterals? Are they still trying to use accounting principles later to their advantage to boost profits at the expense of the publics? Two pennies for your thought?
If you guys are inputing your comments enough to show me your interest to know what's going on, I will probably release what I have in my mind as to the difference between 1990 RTC crisis and today's GWB's fiscal solution to the housing bubble.
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