Zillow’s Stan Humphries in CBS Moneywatch: Housing Market Drivers That Will Help/Hinder Recovery
By: Katie Curnutte, Zillow PR Manager | October 23, 2009
With so much housing market data showing marginally better news these days, there’s been a lot of buzz lately about a housing market recovery. But is recovery in the near future a realistic expectation? Zillow Chief Economist Stan Humphries talked to Alison Rogers of CBS Moneywatch about the housing market drivers that could stimulate or stall any recovery.
The moral of the story: It’s a complicated issue. Zillow’s stance is that a recovery is probably not around the corner, but we will probably see a bottom in home values next year.
- Stumble it!
- Categories: Real Estate Analytics
Comments
6 Comments so far
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Cap Porterfield on October 23, 2009 6:27 pm
I listened to you on CBS Evening News on my local station Channel 12 Chico on 10/23/09. You stated that there are 3 million foreclosers in the pipeline compared to annual home sales of 5 million resulting in 60% annual sales having foreclosure problems. Does that mean that in the last 3 years with upwards of 15 million sales using the same 60% that 9 million of those sales are or have been in the foreclosure pipeline? I doubt it. What are the numbers?
John W Stewart on October 24, 2009 1:46 pm
Abuse to one person may be fair play to another. Where do you stand today on the field of credit? Many of us have watched our net worth plummet and our retirement savings disappear. Some of us have received handsome performance bonuses for generating substantial profits based on formulas that don’t take into consideration looming write-downs that substantially influence our financial system. Do you think that regulation will help curb the abuse?
Chris Moline, LEED AP on October 24, 2009 3:56 pm
I am very much looking forward to watching lenders simplify options. The vast majority of buyers have no business looking into LIBOR, ARMs, etc…
alvin on October 25, 2009 6:27 pm
Recovery might be underway, but with agents as rude, uneducated, and insulting as Rosalie Klein (Rosalie the Realtor), it is no wonder more homes are not being sold.
DebtFree on October 26, 2009 8:37 am
Alvin, there is no “recovery” underway.
The problem isn’t rude realtors, it’s that home prices remain close to their 100-year-highs (prices which were fueled by mortgage standards and risky lenders which no longer exist).
The housing market has yet to adjust to a level where incomes can support home prices. People buying now will find themselves under water for a decade or more.
Stan Humphries on November 9, 2009 5:24 pm
Hi Cap. In the interview, I noted that it is estimated that there are up to 3M homes heading towards foreclosure (not counting all those already in foreclosure). To convey some sense of how long it could take to digest this volume of foreclosures, I noted that we currently sell about 5M homes annually. Thus, the amount of foreclosures heading down the pipe are the equivalent of 60% of the number of sales that we move through annually right now. I agree that, as edited, the relationship between those three numbers — 3M, 5M and 60% — was not entirely clear in the broadcast piece. Hope it is clearer here.