http://people.bakersfield.com/home/Blog/MoneyTalks/26125 Zillow's first-quarter home value report came out this morning and we're among the spots with ugly blue masses...the most depreciation.   You can find the national report here, or just focus on Bakersfield stats here.   -- Gretchen Wenner, staff writer   Zillow's first-quarter home value report came out this morning and we're among the spots with ugly blue masses...the most depreciation.   You can find the national report here, or just focus on Bakersfield stats here.   -- Gretchen Wenner, staff writer   en-us I use Zillow to track my "equity"....it's sinking fast.  It was, at one time, $336,000.  As of today, my house is worth $259,500....and to be honest, I bet I couldn't even sell it for that, even though I've made improvements.  I paid $165,000 back in '03.   I'm just glad we're not backwards on the loan...and I feel sorry for those who refied to the max and are stuck with what they owe today.    http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234419 http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234419 I use Zillow to track my "equity"....it's sinking fast.  It was, at one time, $336,000.  As of today, my house is worth $259,500....and to be honest, I bet I couldn't even sell it for that, even though I've made improvements.  I paid $165,000 back in '03.   I'm just glad we're not backwards on the loan...and I feel sorry for those who refied to the max and are stuck with what they owe today.    As a young professional patiently waiting the last two years to buy blue=awesome.  My condolences to those who thought lending companies had rewritten the rules of economics.  I think the most telling experience I had was at a local supermarket, the family in front of me made their purchases with foodstamps.  Fair enough, people gotta eat.  I bought just a couple items and found the same group piling into a brand new Escalade (a car I would never buy, even on an engineer's salary).  As I got in my car I realized they were heading into a nearby neighborhood, so I played creepy guy for a bit to see where they went.  Sure enough they parked at a McMansion on the NW side, near where I am currently renting. An Escalade, a McMansion (undoubtedly purchased during the bubble) and Lord knows what else inside and people think the problem is $3.50 gas. Like I said... pickins for me.   http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234422 http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234422 As a young professional patiently waiting the last two years to buy blue=awesome.  My condolences to those who thought lending companies had rewritten the rules of economics.  I think the most telling experience I had was at a local supermarket, the family in front of me made their purchases with foodstamps.  Fair enough, people gotta eat.  I bought just a couple items and found the same group piling into a brand new Escalade (a car I would never buy, even on an engineer's salary).  As I got in my car I realized they were heading into a nearby neighborhood, so I played creepy guy for a bit to see where they went.  Sure enough they parked at a McMansion on the NW side, near where I am currently renting. An Escalade, a McMansion (undoubtedly purchased during the bubble) and Lord knows what else inside and people think the problem is $3.50 gas. Like I said... pickins for me.   Zillow is a very inaccurate real estate site, it has almost a 90 day lag and is always inaccurate in comps on the high side, if you are using Zillow knock off between 7-9% and you are close but behind in fresh data.Also note that Zillow uses the foreclosed loan amount rather than the actual value of the unit and is unreliable as a real "value" for comps. http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234423 http://people.bakersfield.com/home/Blog/MoneyTalks/26125/#c_234423 Zillow is a very inaccurate real estate site, it has almost a 90 day lag and is always inaccurate in comps on the high side, if you are using Zillow knock off between 7-9% and you are close but behind in fresh data.Also note that Zillow uses the foreclosed loan amount rather than the actual value of the unit and is unreliable as a real "value" for comps.