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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (135937)	7/23/2008 2:08:02 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

well maybe it isn't bogus to put the bank buybacks in there, but virtually all of them are dramatically more than the houses are currently worth, which is the reason the bank has to buy them back in the first place. If zillow included the bank buybacks you would have a "sale" at say 650K for my place, and then another buy (the foreclosure buyer) at 450K, or something. In my case these almost cancel each other out, because the foreclosure buy I made was an indymac and very cheaply listed. But my guess is the dual bank buyback/REO resale in areas like east san jose would have an effect of skewing the zestimates to the upside, because the foreclosures are coming in around 600K+, while the resales are maybe half that.