Real estate data firm Zillow announced Oct. 25 that it will show 1.2 million pre-foreclosure and foreclosed properties that are not yet listed for sale and not in the Multiple Listing Service database.
All the data that Zillow will be sharing is public information, although the company acknowledged that it expected to face questions about privacy issues.
Until now, foreclosures have made up a large, yet invisible, part of the housing inventory, the company noted in a news release. With this new data, Zillow said is “bringing this information to light, and taking this inventory out of the shadows can help bring these homes to market faster than ever before,” Zillow CEO Spencer Rascoff, said in a news release.
Zillow's pre-market inventory includes:
• Nearly 1 million pre-foreclosure properties: Homes where the lender has initiated foreclosure proceedings or an auction has been scheduled,
• More than 260,000 foreclosed properties: Homes that are owned by a bank or a lender but have not yet been listed for sale,
• Foreclosure Estimate: Zillow's estimate of the sale price of the home if sold as a foreclosure, in addition to the percentage and dollar discount this represents off fair market value. Number of beds and baths, square footage and historical sales and listing history, and
• Foreclosure details, including: timeline of the foreclosure process, foreclosing loan amount, unpaid balance, lender, trustee and/or attorney information.
Zillow's pre-market inventory search is currently available on Zillow.com and iOS mobile apps.