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From Dr. Shiller:

“You’ve got a lot of breathless commentary in the media,” said Shiller, a Yale University economist. “All this talk that we’re in this great recovery—we probably are in the short run, the longer run doesn’t look so terrific to me.”

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Fantastic report from Zillow:

The number of American homeowners in negative equity — or “underwater,” owing more on their mortgages than their homes are worth — continues to fall. But even if homeowners are no longer underwater, they still may be stuck in their current homes.

The national negative equity rate fell in the first quarter, to 25.4 percent of all homeowners with a mortgage, according to the first quarter Zillow Negative Equity Report. But another 18.2 percent of homeowners with mortgages, while not technically underwater, likely do not have enough equity to afford to move.

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Slightly more than 13 million homeowners with a mortgage were in negative equity at the end of the first quarter. But when including homeowners with less than 20 percent home equity, the “effective” negative equity rate at the end of the first quarter was 43.6 percent, or a total of 22.3 million homeowners. These homeowners likely cannot afford a down payment for a new home or other costs associated with buying and selling a home, tying them to their current homes and contributing to inventory shortages.

A homeowner technically reaches positive equity as soon as the market value of the home exceeds the outstanding loan balance, even by 1 cent. But listing a home for sale and buying a new one generally requires equity of 20 percent or more to comfortably meet related costs.

“Reaching positive equity, even barely, is an important milestone. But things such as real estate agents’ fees and a down payment for the next home traditionally come out of the proceeds from the prior home’s sale. Without enough equity, these costs will instead have to come out of a homeowner’s pocket, leaving many still stuck,” said Zillow Chief Economist Dr. Stan Humphries. “Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale. The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell.”

Among the 30 largest metro areas covered by Zillow, those with the highest effective negative equity rate, including homeowners with 20 percent equity or less, include Las Vegas (71.5 percent), Atlanta (64.1 percent) and Riverside, CA (59.7 percent).

Despite some hurdles that remain once a homeowner crosses from negative into positive equity, it is undeniably better to have some equity than none at all. The first quarter Zillow Negative Equity Forecast predicts the negative equity rate among all homeowners with a mortgage will fall to 23.5 percent by the first quarter of 2014, lifting more than 1.4 million additional homeowners nationwide into positive equity. Of the 30 largest metro areas, the majority of these newly freed homeowners are anticipated to come from Los Angeles (94,642 homeowners), Riverside (74,693 homeowners) and Phoenix (51,580 homeowners).

To find out the negative equity rate in your area, please visit our negative equity page.

Past Client and Center of influence list building guide <——-READ THIS NOW FOR TO LEARN HOW TO BUILD YOUR LIST.

Attention: FREE Graduate Level coaching call with a Harris Real Estate University Coach. Offer for private one on one coaching call only for agents who are ready to take their real estate businesses to the next level. Reserve your free coaching call NOW

Ellen DeGeneres is well-known for her sticky trigger finger when it comes to real estate. The comedian and daytime television host goes through properties the way others go through designer shoes — listing or buying a new property nearly every year.

So it’s no surprise to hear a report from TMZ that DeGeneres, along with wife Portia de Rossi, picked up a new property in Montecito, CA for $26.5 million — a gorgeous, bluff-front estate called the Saladino Villa. Although DeGeneres likes to pick up “projects,” admitting to Elle Decor recently that she’s always ready to move, this home looks pretty move-in ready.

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“Indeed, there’s nothing the television star and comedian loves more than designing a house,” the article stated, and quoted Los Angeles designer Cliff Fong, who quipped: ”Ellen has moved more times than any person I know.”

Although the home boasts everything “streamlined and modern for easy living,” expect an overhaul of the 1928 home from DeGeneres.

Designed by architect Wallace Frost, the home was redone by designer John Saladino around 2009. Offering 6 bedrooms, 9 fireplaces and 7 baths, the home sits on 13 acres with ocean views. The two-parcel property is, of course, incredibly private, with luscious landscaping and gracious indoor and outdoor living areas.

Now that DeGeneres and de Rossi have a new “project” on their hands, will they dump their enormous horse ranch? While it seems DeGeneres wouldn’t mind listing, it’s de Rossi, an avid horseback rider, who likely wants to keep the property. But with a feature in Elle Decor, the home may end up on the market regardless. Besides, this new home in Montecito does have room for stables and barns.

Motorcycle showroom

A classic car and motorcycle restoration and display area offers floor space for up to six cars and 30 motorcycles. An attached limo garage also shows off special-occasion vehicles.

High gloss

With 8,500 square feet of raw horsepower eye candy, this freshly polished showroom is a worthy home for even the rarest automobile collections.

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Custom car lift

A hot rod lover’s dream, this garage by Zillow Digs Designer Remodeling Guys features Viking flooring and a custom organization system on the walls to keep everything sleek and tidy.

Secret lair

For your inner secret agent, a hydrolic car lift turns this Mediterranean home into a hidden underground parking garage.

Throwback

Keep vintage vehicles at their prime with a high-tech work space that includes air conditioning for precise climate control.

Fill ‘er up

What do you give to the man who has it all? A custom man cave complete with a deionized-water car wash and gas station that’s sure to be the envy of the neighborhood.

Lights, cars, action

Neon wall hangings pack a flashy punch  in this custom-heated and cooled garage.

Sports car palace

With a dedicated turntable accommodating up to 15 roadsters, a European-esque mansion creates the ultimate showroom for luxury vehicles of every make and model.

Source: Zillow

Want to stay under the radar? Buy a home that’s currently off the market. Such is the tactic of many celebrities, and most recently Katy Perry.

The pop princess bought three adjoining parcels of land for a total of $11.2 million, reports The Real Estalker. One of the parcels holds a mid-century modern previously owned by Max and Rebecca Weinberg.

According to property records, the Weinberg home was purchased for $3 million by a trust held by Katy Perry’s manager. The same trust held the singer’s other real estate purchases, including Perry and Russell Brant’s home in Los Feliz.

The Weinberg home is strikingly different from Perry’s previous homes. Perhaps now that she’s single, she’s figured out what kind of architecture she likes. Her former home in Los Feliz was a “stately” traditional; her other property currently on the market is decidedly Spanish.

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This new home is a mid-century modern, complete with an angular roof, open floor plan, and floor-to-ceiling windows that fully open to seamlessly connect with outdoor living spaces. Built in 1953, the home has been updated to include high-end appliances in the kitchen and brand-new bath features. Measuring 2,916 square feet, the home has 5 bedrooms and 3 bathrooms.

Best known for catchy, chart-topping songs, it’s been rumored that Perry has been home-searching for awhile. Buying three parcels was a wise move; the singer is one of the most recognized stars in Hollywood, and with often pastel-colored hair, she is easy for paparrazzi and fans to spot.

Source: Zillow

As a REALTOR® University  affiliate, Harris Real Estate University now partners with Realtor University’s School of Professional Development and Continuing Education to provide courses in real estate  such as buyer representation, land consulting, and international property alongside emerging specializations in short sales and foreclosures, broker price opinions seniors real estate, diversity, green housing, and of course the coveted e-PRO® technology certification.

As a premiere real estate educational & training institution, Harris Real Estate University designations are associated with California Miramar University through the CALMU extension, and with the addition of NAR designations and certifications, is now able to provide continuing education credit without additional costs to REALTOR® members.

Two of the most popular designations offered by Harris Real Estate University include the REO Specialist Designation (at http://agentreosecrets.com) and Accredited Short Sale Designation (at http://agentshortsalesecrets.com). The University has seen nearly exponential enrollment in both courses over the last 12 months as agents respond to the uncertain economy by educating themselves on how to succeed in the changing real estate marketplace.

In addition to these courses, Harris Real Estate University has seen continued growth in the Real Estate Technology & Certified Property Management designation programs, which train agents to leverage technology to grow their business as well as hedge uncertain income with property management skills, respectively. It is hoped that the addition of NAR’s  e-PRO® certification program will further assist agents seeking to more effectively utilize technology in their businesses alongside HREU’s existing coursework in this area.

Additional details on the National Association of Realtors®’ designations and certifications now offered by Harris Real Estate University can be found online at: http://harrisrealestateuniversity.com/hreu-designation-classes/nar-designations/.  Agents seeking more information about these courses are urged to contact the University for details either by email or phone at 866-422-9497.

Attention: FREE Graduate Level coaching call with a Harris Real Estate University Coach. Offer for private one on one coaching call only for agents who are ready to take their real estate businesses to the next level. Reserve your free coaching call NOW

We know it’s cheaper to buy a home than rent in America’s 100 largest metros, but where does it pay off most to sell?

Data from the most recent Trulia Price Monitor shows that asking home price are up 8.3% year-over-year across the nation. But, as with all things real estate, the local data is what matters most.

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Top 10 Metros for Asking Home Price Gains

Congrats on the growing commissions to those of you who work in cities that made this month’s hot list. For the rest of you, keep reading for tips on how to get local data to help you sell the benefits of listing now and score more listings in today’s low inventory market.

 Agents: Its Spring 2013, are YOU missing the market? Not sure what to do NOW?  Before its too late for you…Watch the FREE REO Training Video, download the FREE REP/ BPO training book. NOTICE: Free book guaranteed  for the first 100 agents only.

What if my Zip code or Area isn’t on the list?

Even if your Zip code didn’t make the top 10 list, you can still show off the benefits of selling today with data.

Step 1: Visit Trulia.com/Local

Step 2: Enter your Zip code or city name

Step 3: Click “More Local Info” to get to your area’s local stats page

Here you can get real time data updates, screen shots of color-coded heatmaps, and easy-to-read graphics that show how prices are ticking up in your market.

Do the big spikes mean bubble?

According to Trulia’s Chief Economist, Jed Kolko, “Home prices today are rising nearly as fast as they did during the peak bubble years of 2005-2006. Since that bubble helped push us into the Great Recession, we should all be on high alert for the next housing bubble.”

For the short answer, check out one of our newest monthly data releases, Trulia’s Bubble Watch for the latest on whether or not today’s good news is sustainable.

Selling today is an easy decision for owners who have toughed out the market recovery looking to cash in. Use this our monthly reports, the Trulia Housing Barometer, Bubble Watch, and the Trulia Price-Rent Monitor,  to help you show your seller prospects, now’s the time to jump in.

A majority (55 percent) of the 365 metros covered saw home values climb in April from March. Of the 30 largest metro areas covered, Sacramento experienced the largest monthly increase, with home values rising 3.4 percent. Other large metro areas with notable monthly increases include Las Vegas (3 percent) and San Francisco (2.8 percent).

Agents: Its Spring 2013, are YOU missing the market? Not sure what to do NOW?  Before its too late for you…Watch the FREE REO Training Video, download the FREE REP/ BPO training book. NOTICE: Free book guaranteed  for the first 100 agents only.

“April marks the sixth straight month of annual home value appreciation of 5 percent or above, the longest such streak since the height of the bubble in 2006. In the short term, this has been welcome news for homeowners. But in the long term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last,” said Zillow Chief Economist Dr. Stan Humphries. “Overall, we expect home value appreciation to moderate as more supply comes on line over the next year, but in some areas, runaway home value appreciation, combined with expected interest rate hikes in coming years, runs a real risk of pricing out many potential buyers. Home values in these areas will have to flatten or even fall to come back in line.”

The Zillow Home Value Forecast calls for 4 percent appreciation nationally from April 2013 to April 2014. Most markets have already hit a bottom — with only 7 out of 251 not projected to hit a bottom within the next year — and 65 out of the 251 markets covered are forecasted to experience home value appreciation of 4 percent or higher. This is a decrease from the 5.2 percent annual rate of appreciation recorded between April 2012 and April 2013, and reflects anticipated shifts in supply and demand in some of the nation’s hard-hit markets.

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National rents declined slightly in April compared with March, down 0.2 percent to a Zillow Rent Index of $1,288. Rents were up 3.9 percent in April on a year-over-year basis. Demand for rental housing remains strong, and many investors continue to purchase homes (many times lower-priced homes or distressed inventory) and convert these properties into rental units. As a result, many markets are seeing tight inventory and sharp home value appreciation in part brought on by active investors. Nationally, the number of for-sale listings on Zillow was down 14.4 percent in late April compared with the same period in 2012. Over the course of the month, however, year-over-year inventory constraints did ease slightly, which may indicate more supply slowly coming on line as builders construct more homes and more sellers enter the market.

What are home values and rents doing where you live? Dive into Zillow’s data, available all the way down to ZIP code and neighborhood levels, here.

There’s Versace’s former home, priced at $100 million, Steven Cohen’s $115 million apartment and a Manhattan penthouse listed at $125 million. But none of them hold a candle to the 50 acres of waterfront in Greenwich, CT that recently hit the market at $190 million, becoming the most expensive listing in the U.S.

While the house is impressive —  public records measure it at 13,519 square feet with 12 bedrooms and 9 baths — it’s the spectacular land that pushes the price tag up to nearly $200 million. The home sits on 4,000 feet of coveted waterfront property on Long Island Sound, and that doesn’t include access to two private islands in the Sound. The two parcels, one at 30 acres and one at 20, contain a grass tennis court, formal gardens, carriage house, apple orchard, two greenhouses and a 75-foot-long heated pool. Considering that a 75-acre Greenwich property nowhere near the water is listed at $32.5 million, the $190 million ask is a little more understandable.

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An 1,800-foot-long driveway leads to the home, which The Wall Street Journal describes as in need of a few upgrades. Heavy on Old-World charm, the house has 12-foot ceilings throughout the main rooms, a solarium with a coffered ceiling, and sleeping porches. Most of the buildings throughout the estate hold details from the home’s original build date of 1898: the carriage house still has a clock tower, and the garage includes milking stalls.

The home was built by the Lauder Greenway family — George Lauder was a partner in Carnegie Steel. It was sold 31 years ago to its current owner, John Rudey, who leads several timber companies, including U.S. Timberlands Services Company and American Forest Services.

It’s hard to say whether the home will go for its asking price. Candy Spelling originally listed her home at $150 million but ended up selling it for $85 million to British heiress Petra Ecclestone. One of the most expensive sales recorded in the U.S. — the $100 million Silicon Valley estate bought by Yuri Milner — is still significantly under the Greenwich estate ask.

Thinking about financing a place like this? According to Zillow’s mortgage calculator and assuming a 20 percent down payment (which would be $38 million) on a 30-year fixed-rate mortgage, a monthly payment would be $687,734.

The listing is held by David Ogilvy and Associates.

Agents: Its Spring 2013, are YOU missing the market? Not sure what to do NOW?  Before its too late for you…Watch the FREE REO Training Video, download the FREE REP/ BPO training book. NOTICE: Free book guaranteed  for the first 100 agents only.

This is a rebound, not a bubble. Lots of people are worrying about a new bubble, but the facts say no:

• Trulia: Why There’s No Home-Price Bubble (WSJ)
• Signs of New Housing Bubble in Several Areas (Fortune)
• From Brooklyn to California, Housing Bubble Threat Grows (Bloomberg)

Housing starts drop in April, but they’ll bounce back. Still, housing supply is limiting the housing recovery:

• Five Takeaways from the Latest Housing Starts Report (WSJ)
• The Persistent Supply-Side Constraints in US Housing (Financial Times)

Up this week: existing home sales and inventory on Wednesday.

Attention: FREE Graduate Level coaching call with a Harris Real Estate University Coach. Offer for private one on one coaching call only for agents who are ready to take their real estate businesses to the next level. Reserve your free coaching call NOW

Attention: FREE Graduate Level coaching call with a Harris Real Estate University Coach. Offer for private one on one coaching call only for agents who are ready to take their real estate businesses to the next level. Reserve your free coaching call NOW