By Dennis Norman, on September 29th, 2010  Dennis Norman According to an analysis of more than 25,000 loan quotes and purchase request by Zillow, nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low.
Borrowers with credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote on Zillow Mortgage Marketplace, even if they offered a relatively high down payment of 15 to 25 percent. Nearly one-third of Americans, or 29.3 percent, has a credit score this low, according to data provided by myFICO.com. Continue reading “1/3 of Americans Highly Unlikely to Qualify for a Mortgage Today“
By Dennis Norman, on August 23rd, 2010  Dennis Norman 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom
According to the second quarter 2010 Zillow Homeowner Confidence Survey, one-third (33 percent) of homeowners feel home values in their local market have not reached bottom, while 38 percent believe their market has in fact hit bottom. Continue reading “Homeowners becoming more pessimistic about housing market“
By Dennis Norman, on August 9th, 2010 Dennis Norman A report just issued by Zillow shows that home values in the United States continued to decline in the second quarter of 2010, with the Zillow Home Value Index falling 3.2 percent year-over-year and 0.6 percent from the first quarter to $182,500. The national rate of decline decelerated from the first quarter, marking the second consecutive quarter of slowing declines. Continue reading “U.S. Home Values Fall In 2nd Quarter; Negative Equity Declines Though“
By Dennis Norman, on February 22nd, 2010  Dennis Norman
According to the Zillow 4th quarter, 2009 Homeowner Confidence Survey, American’s aren’t feeling so good about the value of their homes, and, in fact, just one in five (20 percent) believe their own homes’ values increased during 2009. What’s interesting here is, according to Zillow, 28 percent of all homes increased in value, meaning that almost a third of the homeowners with homes that increased in value don’t think so.
Even though the confidence level in this report is the lowest in seven quarters, homeowners continue to be optimistic about the future with 38 percent believing their homes’ values will increase in the next six months.
Other highlights from the survey:
- For the first time since the survey was first done in the 2nd quarter of 2008, homeowners were overly cynical about the values of their own homes, with a Misperception Index of -2 (an INdex of 0 would indicate homeowner perceptions are aligned with reality; a negative index indicates they are over cynical)
- Home are more optimistic about the future: Fewer than one in six (14 percent) believe their own homes’ value will decrease in the next six months.
- Homeowners in the Northeast and West were the most cynical about the performance of their own homes’ values in the last year, with Misperception Indexes of -14 and -5, respectively.
By Dennis Norman, on November 9th, 2009
- Dennis Norman
The percent of American home owners with mortgages in a negative equity position fell to 21 percent in the third quarter of this year, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure, according to the third quarter Zillow Real Estate Market Reports.
By Dennis Norman, on September 25th, 2009 By: Dennis Norman 
Nearly one in five (18 percent) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time period for an extension, according to additional analysis.
Zillow queried adults who qualify as a first-time homebuyer, asking them if an extension of the tax credit would influence their plans to buy a home before the end of 2010. If the credit were extended, of those who intend to buy a home, 18 percent called the credit the “primary influence” in their decision, 25 percent said it would be a “significant influence,” and 27 percent said the credit would have “some” influence on any home buying decision. Thirty-one percent said it would have no influence on their decision. Continue reading “Almost 1 in 5 prospective homebuyers say extending $8,000 tax credit to 2010 would be primary influence on their decision to buy“
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