{"id":14552,"date":"2011-05-09T09:13:11","date_gmt":"2011-05-09T16:13:11","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=14552"},"modified":"2011-05-09T09:14:13","modified_gmt":"2011-05-09T16:14:13","slug":"brett-arends-from-the-wall-street-journal-on-zillows-morning-gloom-report-all-this-bearish-news-makes-me-bullish","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14552\/brett-arends-from-the-wall-street-journal-on-zillows-morning-gloom-report-all-this-bearish-news-makes-me-bullish\/","title":{"rendered":"Brett Arends from the Wall Street Journal<\/em> on Zillow’s morning gloom report: “All this bearish news makes me bullish.”"},"content":{"rendered":"

Our friends at Zillow.com have figured out the secret to getting news coverage: Bad news<\/a>:<\/p>\n

Home values in the United States fell faster in the first quarter of 2011 than they have in any quarter since 2008, when the housing market experienced its worst performance, according to Zillow’s first quarter Real Estate Market Reports(1). The Zillow Home Value Index(2) fell 3 percent from the fourth quarter of 2010 to the first quarter of 2011, and declined 8.2 percent year-over-year to $169,600. Home values have fallen 29.5 percent since they peaked in June 2006.<\/p>\n

Negative equity reached a new high mark with 28.4 percent of single-family homeowners with mortgages underwater at the end of the first quarter, up from 27 percent in the fourth quarter of 2010. A homeowner is in negative equity when they owe more on their mortgage than their home is worth.<\/p>\n

Meanwhile, foreclosures(3) rose throughout the first quarter as banks unfroze moratoriums and allowed foreclosures to resume. Foreclosures had fallen in late 2010 due to the slew of moratoriums brought about by the “robo-signing” controversy. In March, one out of every 1,000 homes in the country was lost to foreclosure.<\/p>\n

With substantial home value declines, as well as increasing negative equity and foreclosures, Zillow forecasts show it is unlikely that home values will reach a bottom in 2011. First quarter data has prompted Zillow to revise its forecast, now predicting a bottom in 2012, at the earliest.<\/p>\n

“Home value declines are currently equal to those we experienced during the darkest days of the housing recession. With accelerating declines during the first quarter, it is unreasonable to expect home values to return to stability by the end of 2011,” said Zillow Chief Economist Dr. Stan Humphries. “We did expect substantial payback from the homebuyer tax credits, which buoyed the housing market last year, but underlying demand post-tax credit, as well as rising foreclosures and high negative equity rates, make it almost certain that we won’t see a bottom in home values until 2012 or later.”<\/p><\/blockquote>\n

My own take is that we are at or near the knee in the curve: While supplies of fire-sale-priced homes Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Our friends at Zillow.com have figured out the secret to getting news coverage: Bad news: Home values in the United States fell faster in the first quarter of 2011 than they have in any quarter since 2008, when the housing market experienced its worst performance, according to Zillow’s first quarter Real Estate Market Reports(1). The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,6,5,25],"tags":[],"class_list":{"0":"post-14552","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-marketing","8":"category-real-estate","9":"category-zillowcom","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1018,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1018\/lucky-or-consistently-bad-2\/","url_meta":{"origin":14552,"position":0},"title":"Lucky or Consistent(ly Bad)?","author":"Kris Berg","date":"February 8, 2007","format":false,"excerpt":"And if Redfin's trip to SoCal wasn't enough of a distraction today, Zillow issued their Quarterly Home Value reports for 2006. Alas, so much \"material\" and so little time. You can see their \"Zindex's\" for 75 metro area both on their website and at their blog. I begin by stating\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1372,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1372\/heres-a-better-idea-how-about-abolishing-the-state-board-of-appraisal\/","url_meta":{"origin":14552,"position":1},"title":"“Here’s a better idea: How about abolishing the state Board of Appraisal?”","author":"Greg Swann","date":"May 1, 2007","format":false,"excerpt":"This is from the Tucson Daily Citizen:Zillow.com offers online estimates of home values. There is now plenty of public data available for computers to crunch to make the estimates pretty good. According to Zillow's Web site, in the Phoenix metro area its estimates are within 6 percent of the actual\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1256,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1256\/greg-peeing-on-the-tree-2\/","url_meta":{"origin":14552,"position":2},"title":"Zillow.com’s press release detailing added functionality in new software release","author":"Greg Swann","date":"April 3, 2007","format":false,"excerpt":"Zillow.com\u2122 Launches Home Q&A \"Ask Questions, Share Answers\"at the heart of numerous new features harnessing knowledge of agents, homeowners and neighbors Seattle -- April 4, 2007 -- Real estate Web site Zillow.com today announced the launch of Zillow\u2122 Home Q&A, among other new features aimed at further opening the site\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":657,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/657\/reagor-mortis-on-the-spot-real-estate-news-coverage-only-a-few-weeks-late\/","url_meta":{"origin":14552,"position":3},"title":"Reagor-mortis? On-the-spot real estate news coverage only a few weeks late . . .","author":"Greg Swann","date":"November 19, 2006","format":false,"excerpt":"October 26th: NCRC files specious complaint against Zillow.com. November 19th: Crack Arizona Republic real estate reporter Catherine Reagor yawns, burps, goes back to sleep:The popular Web site zillow.com gets a lot of hits as people frequently check the values of their homes and their neighbors' in the fast-changing housing market.\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":669,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/669\/the-zillowcom-shake-down-deconstructing-the-ncrc-complaint\/","url_meta":{"origin":14552,"position":4},"title":"The Zillow.com shake-down: Deconstructing the NCRC complaint . . .","author":"Greg Swann","date":"November 21, 2006","format":false,"excerpt":"The NCRC complaint against Zillow.com was filed 26 days ago. Today we have the first detailing in the public prints of the bogus nature of the charges (subscription required):Absent specific instances of harm, the complaint looks more like a scheme to grab some of Zillow's publicity than a legitimate beef.\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2801,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2801\/zillowcom-makes-its-first-mls-wide-feed-agreement-and-in-the-process-disintermediates-its-first-idx-cartel\/","url_meta":{"origin":14552,"position":5},"title":"Zillow.com makes its first MLS-wide feed agreement and, in the process, disintermediates its first IDX cartel","author":"Greg Swann","date":"March 19, 2008","format":false,"excerpt":"Here's the PR, which the vendor cheerleaders will have reported:*Leading real estate Web site Zillow.com and MLS Property Information Network today announced a partnership to feed listings from the New England area MLS to Zillow.com on a daily basis. This partnership initiates the first participation at the MLS level in\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/14552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=14552"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/14552\/revisions"}],"predecessor-version":[{"id":14553,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/14552\/revisions\/14553"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=14552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=14552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=14552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}