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why did my home value drop over 40%? that can't be right.

the home is 1266 East Burnett Avenue, Louisville, KY 40217
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June 15 2011 - Louisville
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Profile picture for snopea123
I agree, I woke up this morning to find that my home value had gone down over $40,000.00 overnight. What is going on?
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June 16 2011
Profile picture for Dunes....
Zillow says

Zestimate Improvements FAQ

And

"Historical Zestimates
"
"With the data delivery yesterday, we have re-computed historical Zestimates back to January 2006. There are a few algorithmic developments that we are still working on and, once these are done, we intend to re-compute all Zestimates back to 1996."
http://www.zillow.com/blog/research/2011/06/14/upgrading-the-zestimate/

What do you say wilsonmc35?
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June 16 2011
Profile picture for RowellK
Zillow adjusted their formula and applied the change to historical data as well.    Zillow is NOT in the business of providing pertenant property values, it is a Media company which sells advertising space.  Again....Zestimates should not be taken as the real value of your property. 
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June 16 2011
I had the same thing happen to me.  I have ahouse at 1121 East Breckinridge Street.  I bought the house in 2008 for 110,000, I have done a lot of improvements.  The zestimate was never lower than 115,000 and now it is 78,500.  I think there is a difference in a estimate and a "zestimate"!
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June 16 2011
 
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