A consumer protection complaint has just been filed with the FTC against Zillow by the National Community Reinvestment Coalition (NCRC). They allege that Zillow, the "Internet financial services and real estate provider(sic) is misleading consumers, real estate professionals and financial service providers in online home valuations."
Uh oh....they go on to charge that:
"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 home."
The full story goes into much greater detail. I am still digesting the ramifications (if any) of this complaint--and the purposes behind it.
Thoughts and concerns?
....and for an accurate picture of the San Diego real estate market, go to http://www.sandiegopreviews.com/
How's that for shameless self-promotion>