The National Community Reinvestment Coalition, seemingly having nothing better to do, decides to complain to the FTC about the inaccuracy of Zillow and its Zestimates.
Zillow is placing the American dream of homeownership at risk for countless working families,” says John Taylor, NCRC President and CEO. “For a company that represents to consumers that they are the ‘Kelley Blue Book of Homes,’ this is a very dangerous situation. We call upon the FTC to intervene and ensure that Americans receive accurate appraisals and valuation information to protect the single most important investment of their lives: their homeWe laugh. No way. Who's going to believe this shit? But if you read a little further, you come to the crux of the issue:NCRC and its members are aware of a growing number of real estate and lending professionals who use the misinformation on Zillow.com to perpetrate fraud in our nation’s markets, often by targeting consumers in violation of Federal and State Fair Housing LawsIt's an interesting dilemma. Zillow exists to bring real estate information to the consumer. It's also an entertainment site (baby, are you still zillowing? Come to bed...) Are dishonest appraisers are using the notoriously (hilariously, even) unreliable Zestimates to cheat black, immigrant and unsophisticated homeowners? We can make all the Homer Simpson/Interweb jokes we want, but this is serious stuff. The clowns at the NCRC are probably too busy having lunch with the clowns at the NAR to figure out where the real problem is.
· NCRC [NCRC]
· FTC Complaint Against Zillow (PDF) [NCRC]
· Stealing The American Dream [NCRC]
· 2901 Broadway [Zillow]