cageordie

Today's Negative-Equity Update

What we are seeing is a return to the harsh economic reality that in the long term people can only afford to pay about three times their income for a home. That's all there is to it. So for my area, SF Bay, where home prices are up to twelve times current household incomes, this means a massive and ongoing decline. People will come up with all sorts of exotic theories for why that can't be so, but in the end the prices can only be paid by a buyer who can afford them.

I'd say Zillow's prices are accurate, or at least close enough. More than good enough for tracking trends.