Amazing to me how many Californians reflexively head to Zillow to “check” (they think) the value of their house during the current decline. As the foreclosure sale of one San Diego property shows, what Zillow thinks a property is worth in a rapidly-declining market, and what it is newly lists for — let alone sells for — are very different things.
The value of 4374 Wilson Avenue in San Diego, a 1,400-square foot house which sold in early 2007 for $511,000, and now is in foreclosure:
The selling price? Likely lower yet. After all, in 2000 this house was pegged at around $160k.