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Since February 2009
We will see further unemployment figures...reaching 10%--there is definitely more shadow inventory...as banks are holding on--can process what they have in their inventory currently! I do beliefve we will begin to actually see more vital evidence of a recovery in the 3rd-4th quarter of this year--but don't expect too much for this year....2009 is the year of liquidation; followed by 2010--year of recovery............
Thanks Spencer for the great updates. This news doesn't bring joy, there is only validation. Makes it so much easier to feel confidant in the decsions I have made and where I am.
"Zillow's negative equity estimates strike me as a little high," said Richard DeKaser, a real sate analyst and founder of Woodley Park Research in Washington D.C. He pointed out that other estimates of negative equity from Moody's Economy.com, for example, and First American (FAF, Fortune 500) CoreLogic, have not been that elevated.
The last CoreLogic report was for data through the end of 2008 and it estimated that 8.3 million homes were underwater.
http://money.cnn.com/2009/05/05/real_estate/underwater_homeowners/index.htm?postversion=2009050608
Thanks for speaking the truth Mr. Rascoff. I am a Realtor in San Diego and I see a slight peak in home prices but that is only because the inventory got sucked up by investors picking up REO's with cash. Now that the moratorium is lifted on foreclosures I see much more REO's heading for the market. I am a bit worried about those investor's paying cash and cutting the true home owner out of the market.
Thanks again for coming on the SPIN ZONE and telling it like it is.
... and, it's free and anonymous
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Zillow COO on Bottom Callers
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Zillow All-Star
Since October 2009
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- Spencer Rascoff, Zillow
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