4realz Roundtable: Effect of FDIC/Treasury Actions on Home Buyers and Real Estate Industry

[NOTE: we had a wonderful show and you can listen to the entire episode at the bottom of this post!]

This week were going to cover the obviously hot topic of the effect of the actions taken by the government in bailing out and/or helping secure IndyMac, Freddie Mac, and Fannie Mae will affect the real estate industry.

This week’s guest is Lawrence Yun and as the chief economist for the National Association of REALTORS, Lawrence is sure to bring an incredibly interesting perspective.  He’s constantly traveling around the country talking with people about their local markets… and whenever he’s stopped by real estate technology circles, like trips to Portland and Virginia, he’s impressed the locals tremendously.

As always, you can get information on how to (1) listen to the call live, (2) take part in the live chat and potentially take part in the conversation by following the (relatively simple) information on the 4realz Roundtable TalkShoe page.  My guess is that this will be one of the more popular shows yet, so I’ll likely only be taking live callers based on folks who ask interesting questions in the chat room!

Also, in order to better accommodate Lawrence’s schedule, I’m moving the call to one hour later than usual.   The show will be on Thursday, July 17, at 5pm PST (8PM EST).     I definitely hope you can join us for a conversation on this timely topic!

UPDATE #1:

What an great show.   Thanks so much to everyone who took part!

Jonathan Miller, Jillayne Schlicke and Rhonda Porter really helped provide an excellent base for a roundtable discussion with Lawrence.   In our one hour conversation we covered so much ground… and I only wish I had the bandwidth to transcribe the whole thing (or even take better notes during the conversation!).

Nonetheless, we covered looked at how the real estate market would be affected by issues such as banks bailouts, freddie/fannie mac troubles, isues with jumbo loans, REOs, consumer confidence, government actions, sustainable housing, inflation, and much more!   If you’re interested in getting an in-depth look at the real estate market and where things are headed, then you can listen to the entire show right here:

[podcast]http://recordings.talkshoe.com/TC-20339/TS-128183.mp3[/podcast]

UPDATE #2:

There are great conversations going on about this topic on both Rain City Guide and ActiveRain. Also thanks to Jim Duncan, Ardell DellaLoggia, Jonathan Miller, Rhonda Porter and Tom Royce for helping to spread the word!

4realz Exclusive: Realtor.com unleashes the Zillow killer and you…

…didn’t even notice:

new home values tool on Realtor.com

Apparently, Realtor.com launched their answer to Zillow recently without much fanfare!

The first thing to note is that the new tool mixes estimates for home values along side listings from the Realtor.com database. This would have been unthinkable just a few years ago, but even with an announcement from NAR, the blog world has been silent. (And I’m told by someone-in-the-know that it has been live with a link from Realtor.com for a few weeks already!)

The part that seems to be missing is accuracy of the listings.

For example, the VERY first comparable I tried shows a home value estimate that is clearly way off base… The home at 26227 Adamor Road in Calabasas, CA which recently sold for $575K is listed on Realtor.com with an estimated value of $925,399 and Zillow with a zestimate of $564,000.

Recently sold home on Realtor.com

OUCH! If I was a REALTOR trying to sell a home on Adamor Road, I sure would be pissed if REALTOR.com was estimating homes were selling in the million dollar range, but actual sales were closer to the $600K range! A “beta” label only goes so far!

The second example I tried (by simply typing in Seattle, WA and then zooming in randomly until I could see a listing) was the home at 7352 26th Ave in Seattle, WA showed a recently sold price of $880K, the Realtor.com home value is $690,000, while the zestimate is $900,500.

For the third example, I decided to head further east to Chicago (no real reason other than NAR is located in that area). I randomly landed at 1729 N Melvina Ave in Chicago, IL which recently sold for $225K. the Realtor.com home value is $218,183, while the zestimate is $247K.

Results:

Two horrible estimates and one decent estimate out of three tries. It makes sense that the realtor.com team has not made a PR push around this feature yet! 🙂

On a related note: Things get even more interesting when you think that NAR took on a similar project (was called “Gateway”, now called “Real Estate Channel”) to aggregate home information across the country. These types of projects are not cheap… so why create duplicate efforts?

Quizzle launches to…

…a pretty bad market for home valuation sites that require registration.   Joel thinks they fizzled the sizzle and I’m surprised that they didn’t even bother to put out a press release.

Because Quizzle has such an obvious upside for a company like Quicken in terms of generating new users, it seems surprising that they weren’t a bit more strategic with their registration requirements.

Zillow’s hosting a conference call on home values at…

11am today where you can quiz them on their latest quarterly report.

Negative Owner Equity
I don’t think it will surprise many readers, but their data on homeowner equity paints a pretty bleak picture from the Central Valley of California down to Riverside (as well as the Las Vegas area).

Who should we blame for the falling hous…

Who should we blame for the falling housing market???

  • The media?
  • land prices?
  • real estate brokers?
  • building materials appraisers?
  • ARM mortgages?
  • rising interest rates?
  • loose underwriting?
  • speculators?

Jonathan, you can add one more to the list:   Home Buyers!  (They agreed to buy the places, didn’t they?)