Zillow’s Rascoff Says Housing Market Not at Bottom Yet
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Running time 04:37
Spencer Rascoff, chief financial officer of Zillow.com, talks about the outlook for the U.S. housing market. Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow, an Internet provider of home valuations.
00:00 Housing outlook, home sellers’ expectations
01:58 Housing market by region; advice to buyers
03:52 Real estate is "still…good asset class."
Sources:
Zillow’s Rascoff Says Housing Market Not at Bottom Yet: Video
Bloomberg, August 12, 2008 10:10 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atKzgz5Xg2fo
One Third of New Owners Owe More Than House Is Worth
Bob Ivry
Bloomberg, Aug. 12 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3uzhDOF9FXI&
Zillow estimates for SoCal seem to be significantly higher than asking prices on a number of listings. I wonder if Zillow is having trouble keeping pace or is it shadow inventory? Either way, leads me to think momentum is building for a significant overshoot on the downside.
Tell that to the real estate salespeople around here :)
Was ‘Zillow’ started by Angelo ‘Mozillo’?
Barry,
Rumors are that sovereign wealth funds are interested in picking up US forclusures. If true, would that create a bottom?
A lot of people thought that bank and investment bank stocks had hit bottom when sovereign wealth funds began taking stakes in them.
A lot of people thought that bank and investment bank stocks had hit bottom when sovereign wealth funds began taking stakes in them.
A lot of people thought that bank and investment bank stocks had hit bottom when sovereign wealth funds began taking stakes in them.