Exactly!!!!! How is it my home price dropped 15% in 2 1/2 months? If realters look at Z for a ball park, they are screwed up. The real estate industry is suffering and a great deal of it is due to the likes of Z and the rest. Their data is bringing down the value and making people go underwater by their faulty information. Time to call your congressmean and bring some light to bear on the ineptitude of these companies. Z and the rest SUCK! This BS was out of control on the upside, now it is out of control on the downside. Z employees are short bus window lickers, and that is not as harsh as it should be.
Did an analysis of sales in my town over a three-year period. Agreed sale price on average was about 101% of the value that titwillow had on the property at the time the property went off listing. Standard deviation and coef of variation fairly small. Impressive.
Then titwillow changed its algorithm late in 2011. Not only did they change the valuation methodology going forward, but they changed the historical valuations as well, lowering them significantly. If you do the analysis now, it appears that people in my town paid significantly higher prices than the titwillow valuations!
Isn't the price one pays in an open market an indicator of "value"?
Indeed, titwillow's valuations did vastly overstate values during the bubble, and now they are showing once again that their algorithms are wrong and their database is bulls**t.