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Why are zestimates of homes throughout the Syracuse, NY area dropping hugely?

In shopping for a home in Dewitt, NY we find that zestimates are plunging in the entire Syracuse area.  Every few days, the house we're looking at drops by another amount -- $3,000 or $2,500 or $6,000.  In 30 days, the zestimate is down about $40k from $240k.  This seems typical of the area.  What's the cause of this?
  • September 05 2009 - Fayetteville
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