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Joined: 14 Jul 2007
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admin
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Joined: 14 Jul 2005
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Location: Greater Boston
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 Posted: Wed May 06, 2009 1:01 pm GMT Post subject: |
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The Herald incorrectly reported the 1-in-5 US statistic as applying to Boston. The actual report from Zillow puts negative equity for mortgages within the Boston-Cambridge-Quincy, MA-NH MSA at 16.3%.
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JCK
Joined: 15 Feb 2007
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JCK
Joined: 15 Feb 2007
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| Posted: Wed May 06, 2009 1:33 pm GMT Post subject: |
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| This is pretty fantastic data. I know people (myself included) have issues with Zillow's methodology. But I suspect their macro numbers are quite a bit better than their guesses (Zestimates) on how much any one home is worth. |
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JCK
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| Posted: Wed May 06, 2009 2:25 pm GMT Post subject: |
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admin,
Where are you getting the 16.3% number from? I'm seeing purchase year 2009 as being 16.3% based on mortgages (not homeowners) with negative equity.
The numbers for other years look far worse... |
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Wed May 06, 2009 2:34 pm GMT Post subject: |
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| JCK wrote: | admin,
Where are you getting the 16.3% number from? I'm seeing purchase year 2009 as being 16.3% based on mortgages (not homeowners) with negative equity.
The numbers for other years look far worse... |
Oh, you're right. Thanks for pointing that out, I'll need to correct the title. That's pretty incredible, then - we're only a month past the quarter in question, which means that 16.3% of Boston area mortgages this year had essentially instant negative equity.
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JCK
Joined: 15 Feb 2007
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| Posted: Wed May 06, 2009 2:37 pm GMT Post subject: |
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I did think that was shocking too.
Their numbers only go back to 2004, and I assume they're estimating equity based on mortgage payments somehow.
Also, some of Zillow's numbers are percentages of "homeowners with mortgages" whereas the main article refers to percentages of "total homeowners." There are significant number of homeowners w/o mortgages.
So this becomes very confusing indeed. |
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Wed May 06, 2009 2:45 pm GMT Post subject: |
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| JCK wrote: |
Also, some of Zillow's numbers are percentages of "homeowners with mortgages" whereas the main article refers to percentages of "total homeowners." There are significant number of homeowners w/o mortgages.
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Right, I was thinking the same thing too. The language in the narrative seems a lot more vague than their spreadsheets and charts.
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