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Zillow: From $60 To $40 In Milliseconds

Tyler Durden's picture




 

Irrational exuberance part two. The vacuum tube that bought Z at $60 lost 33% literally in seconds.


 

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Wed, 07/20/2011 - 10:42 | 1473630 wang
wang's picture

zillow

wtf

Wed, 07/20/2011 - 10:43 | 1473634 Clueless Economist
Clueless Economist's picture

Zillow says my house is worth $298,800...that is about right

Wed, 07/20/2011 - 10:58 | 1473698 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Your house is most likely worth half that in real terms, unless you have ample room to farm with, but even then, your house is worth a lot less than you think.

Wed, 07/20/2011 - 11:03 | 1473722 gmrpeabody
gmrpeabody's picture

Her handle, though, is dead on.

Wed, 07/20/2011 - 11:04 | 1473740 wang
wang's picture

I still don't get it a huge data base that incorporates appraised values with recent sales to come up with a zestimate - I mean if you were selling would you not base it on recent sales of similar properties? I checked out my neighborhood and some of it is close and other stuff is just stupid e.g no reliability.

Wed, 07/20/2011 - 11:49 | 1473966 Boxed Merlot
Boxed Merlot's picture

I use zillow (and google earth) info in preparing paperwork for customer meetings.  Square footage, dates of sale, date of build, maps and neighborhood information is useful too.  Price discovery is overly relied on at this site, imo.  Too many variables (make me move, recent activity, modifications) can and do happen in real time to give too much credence to this data point. 

Wed, 07/20/2011 - 10:43 | 1473635 Ancona
Ancona's picture

Welcome to the matrix. All trades must be executed by our computers. There will be no exceptions and no cancellations.

Move along now prole.

Wed, 07/20/2011 - 10:51 | 1473663 max2205
max2205's picture

Funny CNBS's chart doesn't show that spike trade....

Wed, 07/20/2011 - 10:54 | 1473678 optimator
optimator's picture

And....just in case you were short Zillow and sold, we have to cancel your trade.  Can't let you make anything on our systems!

Wed, 07/20/2011 - 11:26 | 1473828 Ponzi Unit
Ponzi Unit's picture

+1

Yes!

Wed, 07/20/2011 - 10:44 | 1473636 snowball777
snowball777's picture

There's always room for Zillow.

Wed, 07/20/2011 - 10:48 | 1473647 augie
augie's picture

zillow: How a retarded five year old says zero.

Could be a great new slogan to relaunch with...

Wed, 07/20/2011 - 11:23 | 1473816 geminiRX
geminiRX's picture

Wed, 07/20/2011 - 10:45 | 1473640 OldPhart
OldPhart's picture

The sorceror's apprentice must have been experimenting when his back was turned.

Wed, 07/20/2011 - 13:24 | 1474346 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Seriously, who would buy this (since you can glean a lot for free)? Is Zillow seriously going to gain market share around the globe to improve their share value? What is their actual income vs expenses? Oops, my bad for asking a "practical" question like that. I'm sure CalPERS loaded up on this baby already...

Wed, 07/20/2011 - 10:46 | 1473644 TruthInSunshine
TruthInSunshine's picture

And in other news from the most distorted/corrupt markets in human history:

 

07-20 10:44: Fitch affirms News Corp's (NWSA) ratings; outlook stable
Wed, 07/20/2011 - 10:47 | 1473645 francis_sawyer
francis_sawyer's picture

I'm sure Prechter has a "wave count" explanation for that in his book... 

Wed, 07/20/2011 - 10:56 | 1473685 GeneMarchbanks
GeneMarchbanks's picture

He sure does, friend. It is called "Wave 6" otherwise known as wave good-bye.

Wed, 07/20/2011 - 11:30 | 1473847 Zero Govt
Zero Govt's picture

we should have waved Goodbye to Prechter last year, he got every call on every Index wrong... ho hum!!

Maybe time to lose Steve Hochberg at EW though, he was wrong every week of 2010, never met a bigger loser than this throughout history... last prediction he gave before i junked the retarded fraudsters at Elliott Wave was Silver was heading to $20 in 2 months (ie. now)

Silver's at $40 Mr Hochberg not $20 (reality strikes/bites again!) ..ever met reality Hochberg, your predictions have never seen it coming or ever met

...nobody knows less about market direction and market timing than the delusional cretins at Elliott Wave ...King Prechter clinging to his throne, sorrounded by his doting minions, drowning in The Waves running in the opposite direction to his every protestation 

Rob Prechter at his complete useless tosser, deluded EW wave count, technical indicator fuk-up best:

http://www.youtube.com/watch?v=Tz5PrY2gjz0

Wed, 07/20/2011 - 10:48 | 1473653 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who cares what a house's price is when you can live in it for free?

Wed, 07/20/2011 - 10:51 | 1473666 Version 7
Version 7's picture

Interesting would be to know how many americans are not paying their mortgages and up to what point the fact is sustaining so far the deep down turn.

Wed, 07/20/2011 - 11:09 | 1473764 Seasmoke
Seasmoke's picture

everyone has a "friend" who is not paying their mortgage, but of course when it comes to the individual the conversation quickly changes subject.......

Wed, 07/20/2011 - 11:17 | 1473791 Village Smithy
Village Smithy's picture

Check out Tyler's report on the research that JPM's Michael Feroli released a couple of months ago. Seems to me it was about 50 billion per year worth of Apple Store and Abercrombie visits. 

Wed, 07/20/2011 - 11:20 | 1473795 Bob
Bob's picture

Even more suspect is all the "deadbeats" who claim, once they go into default, that it was elective.  Sure it was, you couldn't have just blown up like everybody else, right?  Just the kinda thing you wanna admit to your friends.

A lot of people are just fronting as playahs when, in reality, they just have nowhere else to go. 

Wed, 07/20/2011 - 11:42 | 1473927 DCFusor
DCFusor's picture

Nice sentiment, would that it were accurate.  My county real estate tax collector is using some very different version of the meaning than you.  So are the guys who fix leaking roofs, or bring heating fuel.

And at that, I run off solar power, so at least one bill is "free" - if you don't count time value of money.

Wed, 07/20/2011 - 11:54 | 1473994 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Let's try that again.  What are you meaning to say?  You don't like the way America does business?  In America, we use credit cards.  And no, we don't pay those, either.

Wed, 07/20/2011 - 10:50 | 1473660 Tense INDIAN
Wed, 07/20/2011 - 10:52 | 1473669 treemagnet
treemagnet's picture

I bet it was that e-trade baby fucking around with his margin account again....don't put it past him, he's a trader in training for the SEC intern program this fall.

Wed, 07/20/2011 - 10:56 | 1473688 francis_sawyer
francis_sawyer's picture

SEC??? No way... The E-Trade baby is far too young for porn...

Wed, 07/20/2011 - 11:12 | 1473773 Piranhanoia
Piranhanoia's picture

not any more. He is 32 now and works for Lul

Wed, 07/20/2011 - 10:52 | 1473671 RobotTrader
RobotTrader's picture

Gambling fever in LNKD, P, Z, etc. is now at a fever pitch.

E-Trade revenues were up big, looks like Joe Six is stepping back into the NYSE casino.

Wed, 07/20/2011 - 10:58 | 1473705 francis_sawyer
francis_sawyer's picture

Joe Six getting stock tips from Robo & going on margin...

What could possibly go wrong?

 

Wed, 07/20/2011 - 10:53 | 1473674 youngman
youngman's picture

It must be because of the ""federal budget debacle"

Wed, 07/20/2011 - 10:55 | 1473675 dwdollar
dwdollar's picture

http://i53.tinypic.com/23svuc6.png

Just to record for future reference.

Wed, 07/20/2011 - 10:57 | 1473691 Yogibear101
Yogibear101's picture

..top tanking.

Wed, 07/20/2011 - 10:57 | 1473694 jse111
jse111's picture

Perhaps the sentient viewed Arnie Gundersen's 07/19/11 update and fled to cover:

http://www.fairewinds.com/

Enjoy your day!

Wed, 07/20/2011 - 11:01 | 1473728 randocalrissian
randocalrissian's picture

Z's drop was about equal to the drop in home value between the moment you sign to close on the house and milliseconds later.

Wed, 07/20/2011 - 11:05 | 1473747 monopoly
monopoly's picture

Robot, did you sell your miners yesterday. Smart move huh.

Wed, 07/20/2011 - 11:08 | 1473760 monopoly
monopoly's picture

We get gold back over 1,600 fasten your seat belts all. Weak holders and zippo traders gone, now back to basic or as I advised yesterday...."we now return to our regular programming."

Wed, 07/20/2011 - 11:30 | 1473840 Ponzi Unit
Ponzi Unit's picture

Did you see the sharp selloff in silver after the Comex close? Goon squad roughs up the chumps?

Wed, 07/20/2011 - 11:13 | 1473778 Cpl Hicks
Cpl Hicks's picture

Vacuum tubes are cool. They get real hot, they glow and pulse with an supernatural light and they smell funny after they have been working for an hour or so.

Kind of like Ben Bernanke in front of Congress.

Wed, 07/20/2011 - 11:17 | 1473793 Texas Ginslinger
Texas Ginslinger's picture

volatility = quick & easy $$

Love it...

Wed, 07/20/2011 - 11:57 | 1473796 Incubus
Incubus's picture

Can you imagine holding down a 30 year mortgage in today's economy?  Or being married to the same broad for the rest of your life?

 

Man, how times change. 

Wed, 07/20/2011 - 13:19 | 1474330 JimBowie1958
JimBowie1958's picture

Can you imagine holding down a 30 year mortgage in today's economy?  Or being married to the same broad for the rest of your life?

Yes on both and yes I do have them myself, and lovin them both, thank you.

 

Wed, 07/20/2011 - 16:59 | 1475174 OldPhart
OldPhart's picture

13 years into my fixed rate, 30 year mortgage.  33 years into the same broad.

Both could use some upgrades.

Wed, 07/20/2011 - 11:19 | 1473799 SheepDog-One
SheepDog-One's picture

Poor vacuum tube trader, alas we hardly knew ye.

Wed, 07/20/2011 - 11:27 | 1473833 Missiondweller
Missiondweller's picture

Cramer explained this well in one of his books describing how Knight Trading handles IPO's when Street.com went public. They take all orders and put the market orders first, causing an opening spike as all the market orders execute at ever higher prices. Then the limit orders go in. Apparently its legal, but results in spike like this. Thus the old phrase about a fool and their money.

Wed, 07/20/2011 - 11:36 | 1473883 walcott
walcott's picture

a homey just squatted in a 350k house in Dallas. Got it for $16.

Wed, 07/20/2011 - 11:48 | 1473955 BanjoDoug
BanjoDoug's picture

This is a perfect example of a computerized operation that takes "other" public information, including property tax info, and gives you a valuation.   This was a useful (maybe) tool when iPhone users who were searching for R/E drove thru neighborhoods in pursuit of the perfect property.....   But in reality what this this service really worth, because it could be duplicated (via web access) by 2 college dropouts in some garage in Argentina. 

Wed, 07/20/2011 - 15:43 | 1474872 MobBarley
MobBarley's picture

Nillow.

 

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