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Answers (4)
- CrystalsSecondHome
- Contributions:88
Inaccuracy doesn't seem to be there only problem. I've tried posting responses to their forums as replies to threads and, although the posting gives the message that all was good in the post and "thanked me", the posts don't show up.
The second issue I've noticed is that arbitrary violation messages prevent you from posting to more than one comment on a thread.
Can somebody send this to the thread "Obama should reset all owner-occupied residential mortgages, and solve the "jobs" problem..." (http://www.zillow.com/advice-thread/Obama-should-reset-all-owner-occupied-residential-mortgages-and-solve-the-jobs-problem/427157/)
The second issue I've noticed is that arbitrary violation messages prevent you from posting to more than one comment on a thread.
Can somebody send this to the thread "Obama should reset all owner-occupied residential mortgages, and solve the "jobs" problem..." (http://www.zillow.com/advice-thread/Obama-should-reset-all-owner-occupied-residential-mortgages-and-solve-the-jobs-problem/427157/)
Sorry A_O -
Zillow posted my response to you, but I think it got lost. I don't have time to repost it.
@SoCal_Engr
Appreciate the links. The Wikipedia one got mashed in with the Forbes link, so I'm not sure I got to see what you intended.
Here's a good Wikipedia link that discusses the CRA also:
CRA
Nothing in it suggests even remotely that the CRA caused banks to lower standards or lend fraudulently. The Wikipedia commentary also reiterates that the CRA mandated fair lending based (again) on "safe and sound" lending standards.
Decency in Lending is what they should have called it.
In fact, even the Wikipedia CRA article mentions that the excesses came from a relaxation of regulations that permitted correspondent lenders to seize upon their "relationships" with banks to gain double the profits since bankers didn't do their own jobs while focusing solely on profit.
"Legal and financial experts have noted that CRA regulated loans tend to be safe and profitable, and that subprime excesses came mainly from institutions not regulated by the CRA. In the February 2008 House hearing, law professor Michael S. Barr, a Treasury Department official under President Clinton, stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky. He noted that approximately 50% of the subprime loans were made by ***independent mortgage companies*** that were ***not regulated by the CRA*** (a/k/a correspondents), and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates (a/k/a correspondents). Barr noted that institutions fully regulated by CRA made "perhaps one in four" sub-prime loans, and that "the worst and most widespread abuses occurred in the institutions with the least federal oversight". According to Janet L. Yellen, President of the Federal Reserve Bank of San Francisco, independent mortgage companies made risky "high-priced loans" at more than twice the rate of the banks and thrifts; most CRA loans were responsibly made, and were not the higher-priced loans that have contributed to the current crisis.
[emphasis added]
I thought it always was inaccurate - it just got worst after they changed the algorithm.
- CrystalsSecondHome
- Contributions:88
I have found that the outsourcing of r.e. jobs and banker jobs has resulted in a massive reduction in the homes value databases sold and resold. The main problem seems to be that banks and other big biz sellers don't realize the importance of people -- people that go to the property and clean it up and ready it for sale and people that take pics of the property.
I wish someone would do a study of how many properties are listed for sale with only 0-1 pics today versus what was done 5-10 years ago.
I wish someone would do a study of how many properties are listed for sale with only 0-1 pics today versus what was done 5-10 years ago.
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
Zillow has never been an accurate gage of a neighborhood. or an individual homes value. It has always been used as just a rough estimate for values. No professionals use Zillow as a final value tool. Only an appraisal can provide that and even appraisal are subject to the appraisers subjectivity, it is based on sound principals.
As long as you understand what Zillow is and is not then you should have no problem. You must understand and I can't stress this enough, Think of Zillow as an education tool and an online vehical to share ideas and knowledge. It is not used by the Lending industry or real estate industry to set values.
As long as you understand what Zillow is and is not then you should have no problem. You must understand and I can't stress this enough, Think of Zillow as an education tool and an online vehical to share ideas and knowledge. It is not used by the Lending industry or real estate industry to set values.
Why has Zillow become so inaccurate?
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