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c1ue
02-04-09, 08:40 AM
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/02/03/BUFC15LT56.DTL



Bay Area homes lost $202 billion in value in 2008, according to a real estate valuation service. The jaw-dropping number, courtesy of Zillow.com, totals the equity lost in all homes in the nine counties as real estate values tumbled under the pressure of foreclosures, recession and tightened lending standards.




Zillow said home values for the area fell 18.3 percent in the fourth quarter compared with a year ago, reaching a median value of $503,397. That was bigger than the overall U.S. decline of 11.6 percent in the quarter.



Zillow's ZIP code breakdown of valuation changes around the Bay Area showed that only 12 of 228 ZIP codes inched out valuation gains in 2008 compared with the previous year. Those rare "appreciating" ZIPs are in affluent areas such as Atherton, Palo Alto, Menlo Park, parts of San Francisco, Berkeley and Bodega Bay.



Zillow's report showed that 27 percent of Bay Area homeowners now have negative equity, meaning they owe more than their home is worth. That's a grim indicator, because being underwater, as the condition is also known, increases the likelihood of foreclosure.
Nationally, about 1 in 6 (17.6 percent) of all homeowners were underwater at year-end, Zillow said, up from 1 in 7 in September.


Now I don't know about other's experiences, but Zillow to me has always been somewhat high in their Zestimates. Your experiences?

If this is true, then the 27% and 1 in 6 numbers are conservative.

Slimprofits
02-04-09, 11:51 AM
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/02/03/BUFC15LT56.DTL

Now I don't know about other's experiences, but Zillow to me has always been somewhat high in their Zestimates. Your experiences?

If this is true, then the 27% and 1 in 6 numbers are conservative.

That is my experience as well.

zoog
02-04-09, 02:14 PM
Now I don't know about other's experiences, but Zillow to me has always been somewhat high in their Zestimates. Your experiences?

If this is true, then the 27% and 1 in 6 numbers are conservative.


That is my experience as well.

Zillow notes the sale price of the house I sold early last year, but the current Zestimate is still about 15% higher, even though median has fallen about 6-8% in that time. In past months the discrepancy has been even higher.