Zillow's Housing Report

By
Real Estate Broker Owner with NJ Estates & Stables

Hi Guys,  As you know many of my blogs come from TimandJulieHarris.com  I have been a student at Harris Real Estate University for several months now and I continue to sing their praises.  Tim bosted this quick blog the other day and I thought it was worth re posting.  A very compact paragraph with a very HUGE impact on our housing market and future.

Spring Housing Boom..or Housing Bust? | Zillow, Values Drop 2.6% Nationwide

Submitted by Tim Harris on February 9, 2011 -

Our friends at Zillow just came out with a new housing report:

Talking points:
1) 27% of all homeowners are upside down. Remember, that accounts for ALL owners. Looking at this from a different perspective, there are 50,000,000 owners with a mortgage. Based on current trends 40% (or 20,000,000) will be underwater soon.
2) Quarter over quarter home values have fallen 2.6%. That is a HUGE number.
3) Weekly mortgage applications dropped as rates increased. Watch new mortgage apps to get a very clear idea of what is coming next for housing. Many wanna be buyers contact a lender to become prequalified/ approved prior to looking for a home. Fewer apps = fewer buyers = fewer sales = price decreases...rinse, wash and repeat.

Posted by

Tara Stone, Realtor, e-Pro

Country Estates and Equestrian Property Specialist

Certified REO and BPO Specialist

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Location:
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Groups:
Realtors®
Tags:
zillow
housing report
bank owned
short sales
harris real estate university
tim harris
tara stone
new jersey real estate

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Rainmaker
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Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

So they want to make sure you know how to do short sales!  Thankfully I work with mostly buyers.

February 13, 2011 06:29 PM
Rainmaker
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Robert McArtor
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RE/MAX Components - Fallston Maryland

So now is the time to fine tune that business model for the new year!

February 13, 2011 06:36 PM
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New Jersey Real Estate, Market Info, Insight, Humor and News You Can Use! I cover all of Real Estate life with a strong focus on New Jersey and Hunterdon, Somerset, Morris, Monmouth and Warren County