Zillow Launches A New Foreclosure Center
Zillow is one of the most popular online real estate services for people to find properties in areas based on their estimated market value. Zillow has expanded their services by adding “pre-market inventory,” which means homes that have been foreclosed or are in the foreclosure process.
Zillow said that the inventory in the for-sale home market on the website has decreased 20% over the past year, which is suggests that there is a lot of interest from homebuyers for this kind of expanded service. Zillow cited a study by the National Association of Realtors that found 55% of homeowners have considered buying a foreclosed home, but do not know how to find the listings and are discouraged by the complexity of a transaction.
Zillow grabs the listings of foreclosed homes from public records. There are around 1.5 million houses that consist of pre-foreclosure where the foreclosure proceedings have been initiated or an auction has been scheduled. There are another 250,000 listings for homes that are owned by the bank or lender, but are not yet listed for sale. These listings can be found in Zillow’s new Foreclosure Center.
“Zillow is taking information that was really only available to a select group – in this case, savvy investors – and making it more easily available to interested home buyers,” stated Zillow CEO Spencer Rascoff. “What’s more, bringing this information to light, and taking this inventory out of the shadows, can help bring these homes to market faster than ever before.”