Nearly 11.7 million American households now owe more on their mortgage than their homes are worth, real estate Web site Zillow.com reported today.
U.S. homes are set to lose well over $2 trillion in value during 2008, Zillow added. And home values declined 8.4 percent year-over-year during the first three quarters of this year, compared to the same period in 2007.
Zillow VP of
Why did Zillow lay off 25 percent of its staff in October (as we reported here)? A partial answer may be that the company has decided to relinquish its brokerage licenses in all but two U.S. states, thus cutting at least one cost center.
Zillow spokesperson Amy
Not everyone sees aggregation as a win-win. In addition to the conflicts in Europe, some Realtors in the U.S. continue to debate the wisdom of syndicating listings outside the control of the agent or brokerage.
“Brokers have had a lot of mistrust about business models that use listings they’ve gone to a lot of trouble acquiring,” said Brian Larson, a Minneapolis att
The Houston Association of Realtors MLS is partnering with Zillow to automatically feed all for-sale listings to the Zillow.com Web site. The Zillow Listings Feed program went live just about a year ago, in November 2007, and now has hundreds of MLS partners and 3 million listings. HAR brings 60,000 listings in the greater Houston area.
Hot on the heels of Friday’s news that once high-flying Zillow was laying off a quarter of its staff, now fellow Seattle-based real estate startup Redfin has followed suit, laying off 20 percent of its employees.
CEO Glenn Kelman posted the news on the
By Joe Michaud
“It’s surprising, because the industry doesn't often get together like this. But it makes a lot more sense than somebody trying to do something on their own, unless, like The New York Times, they have a unique product. A network of local communities is the right way to go.”
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Zillow’s at it again. The real estate Web site has launched Home Page Featured Listings that serve up local for-sale listings right on the Zillow home page. The program is aimed at national and regional brokerages. Listings are customized to the user’s most recent search of homes - down to the neighborhood or ZIP code, home size, price range and attributes.
The Zillow ho