Housing Prices Fall Lower; Worse Than Great Depression
While signs are still looking up for the economic climate as a whole, housing prices failed to stabilize or grow at the end of 2010, according to Zillow.
The San Jose Mercury News reports that November "marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year."
But Jonathan Berr at the 24/7 Wall Street blog says Zillow's data smells fishy:
"For one thing, the Zillow Home Value Index describes itself as 'the Mid-point of Zestimate valuations for the US.' The Zestimate, for the uninitiated, is 'Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value.'"