What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

Realtor.com now discloses flood risks – Here’s why its competitors won’t

Competitors Zillow and Redfin wary of publishing data that hurts homeowners

The Zillow listing for 3913 Pirates Beach Circle in Galveston, Texas highlights the “incredible water views of Marina Boulevard Lake,” and praises the home’s recently remodeled kitchen and original hardwood floors. For just $244,000, the waterfront home is “a must see,” according to the listing broker.

But the same listing displayed on Realtor.com could make it harder for the homeowners to find a buyer. An icon toward the top of the page alerts prospective buyers to the fact that the home scored a nine out of 10 on its flood risk score, even though the main structure is on stilts.

Starting this week, Realtor.com will display flood scores from nonprofit data provider First Street Foundation across its 110 million listings. It will also publish FEMA flood maps.

“Historically, determining a property’s flood risk was an onerous process — in some cases, potential buyers would have no idea a property was in a flood zone until it was flagged by the mortgage company prior to closing, or in some cases not at all,” said Leslie Jordan, senior vice president of product at Realtor.com. “By surfacing this information upfront, consumers can avoid surprises and have all the information they need to make informed decisions and feel confident about the home-buying process.”

According to Jordan, disclosure of flood risk for homes that are outside the official floodplain is critical: about one-third of federal disaster money paid out to flood survivors is distributed to people who live outside the zones.

But Zillow and Redfin aren’t following Realtor.com’s lead. Both listings portals told NPR that they have discussed publishing flood risks on listings, but aren’t ready yet.

Jeff Tucker, an economist at Zillow, told NPR that there are “a number of challenges with publishing flood risk data. “It’s something that I think, sooner or later, would be a great feature to include,” he said.

“We need to be very careful about how we provide information,” Taylor Marr, the lead economist at Redfin, told NPR. “Could this actually reduce the value of this existing homeowner and essentially take away a lot of their net worth?”



Leave a comment

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please