I’ve often said that one day Google is going to own the planet, or at least the display of and access to the world’s data”¦
From Jonathan Miller, a New York real estate appraiser, analyst and blogger (and one of the smartest and nicest guys I’ve ever met) comes this little gem ”“ Google Maps of foreclosure listings (via ChartPorn).
Apparently buried in the bazillion pages, products and services that Google has is a feature that displays foreclosure listings on a Google Map. Here is an example of (most of) the Phoenix metro area:
<< Click on map to expand and interact >>
Every one of those red dots represents a foreclosed home that is listed for sale. Click on the image above and you can pan and zoom in and out ”“ and you’ll see that a lot of those dots at the above zoom level lie on top of each other.
I emphasize “foreclosures listed for sale” because it is important to understand these maps do not include: 1) homes that are in the foreclosure process but not yet formally foreclosed on (see update below); 2) homes that have been foreclosed on but not yet listed for sale; 3) homes listed as short sales; or 4) homes in eminent danger of entering the foreclosure process. Add homes in these categories onto the map and it’s more likely to look like this”¦
Yes, I made that up. Maybe it’s an exaggeration”¦
The point is these Google Maps, ugly as they may be, don’t show the entire foreclosure story,
Another issue with the maps, as Jonathan points out, is they provide no historical perspective. They are merely snapshots in a moment of time. We can’t tell from the map if there were more (or less) red dots of death six days, six months or six years ago nor can we hypothesize what they may look like in the future.
But they are kind of cool, and they do provide a visual way to see the number of bank owned homes listed for sale across the country. Check your area out and see how you compare to other cities across the country. It may be enlightening. Or frightening. (Go to http://maps.google.com/. Click “Show search options”. Select “real estate” from the drop down menu. Enter a city in the search bar then select “Foreclosures” for the Listing Type).
And if you’re not reading Jonathan Miller’s blog Matrix, you are missing a real gem in the real estate blog world. Here is a fantastic podcast Jonathan did with Rick Sharga, Senior Vice President, RealtyTrac ”“ one of (if not the) leading sources for foreclosure data and analysis. In the podcast they cover the Google foreclosure maps, foreclosure shadow inventory, robo-signing, the affect of the homebuyer tax credit, short sales, loan modification programs, and a load of frightening statistics.
Enjoy:
UPDATE: Tiffany Cloud pointed out in the comments that she found some properties mapped that were not listed for sale but had received a Notice of Trustee Sale (the first real step in the foreclosure process in Arizona). So there are at least some (no way to know what percentage without physically counting dots) homes in the foreclosure process shown on the map. I know they aren’t all there as my old neighbor got his Notice of Trustee Sale back in April and it’s been extended multiple times and it is not on the map. Carmen Brodeur also mentioned in the comments that some properties that are listed as bank owned aren’t mapping. The data set is far from perfect. Google is pulling from multiple sources and there isn’t one definitive source for all this info. There are many examples of properties being listed twice. Here’s a screen shot of a property that is under Notice of Sale but not listed for sale. Of note, not all properties that receive a Notice of Sale will actually go into foreclosure.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
The scary part is, the Phoenix foreclosure map could be one of 50+ other places in the U.S., just change the names and the map looks the same. Even if/when the market corrects, will house prices ever recover?
This is cool, not in having so many foreclosures but being able to see it like that! I guess you can be seriously busy as a realtor if you were working these!
Interesting but the map is not entirely accurate. I zeroed in on my target neighborhood, Desert Mountain Scottsdale, and some of the current foreclosures are missing from the map. The map could need even more dots!
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Google is pulling data from a variety of places, many that attempt to pull if from the MLS. There are surely many missing properties (and likely some on the map that aren't really listed for sale or have received a Notice of Sale). The only way I can think of to check for accuracy would be to count the dots and compare it to the MLS and tax records. And that ain't happening! I'm with you, I suspect it's actually worse than it looks…
Jay,
Really like the simulated one with the giant red blobs on it. Ha ha!
It's funny how Google adds features like this and never really markets them. I doubt any real percentage of even frequent Google users knows you can go to "show search options" and select real estate, to get the dots.
It's like they do these things just for the fun of it. Maybe just to show off. LOL.
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Rob – I think it's been there for a long time… it is somewhat buried and trying to determine how long it's been available has proved to be a big giant time suck not worth pursuing…
what a coincidence … and Yalda sent me this earlier today:
Canadians “loonie” for Arizona Real Estate http://goo.gl/ZztNR
Jim – We *LOVE* our Canadian clients. They are, without fail, always just super cool and fun people.
wow… just freaking wow… the banks own a lot of property… now if they would just loosen up a bit on the loans for good borrowers, we might see some improvement… heck, if they’d work with the borrowers IN the homes, they would not own so much real estate…
Love the map Jay. Frances and I just worked on this one that puts some numbers too it, http://www.realestateeconomywatch.com/2010/12/sco…
Ouch Jay. I put in Tallahassee and only the humidity changed.
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Whoa, you're right – SCARY stuff. I'm afraid to plug the Pensacola area coordinates in! We came to the short sale – foreclosure party a little late as we have the military and health care industries as buffers. However, this drawn out recession has truly hit all markets. Thanks for sharing this – even if it isn't "happy making."
PensacolaHomes
Nice, smart? You must have caught me on a good day. 😉 Thanks for the love. Always great stuff here on your blog.
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Nice, smart? You must have caught me on a good day. 😉 Thanks for the love. Always great stuff here on your blog.
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Thanks Jonathan. You are smart, and nice. I don't care what everyone else says… 😉
Thanks for the great tips here, Jay. Google does have features with great utility, but like others have mentioned above, most users don't even know about these tools. Thanks to blogs like yours and Jonathan Miller's that help educate the rest of us out there!
I think Google Maps is awesome. For any agents who do not realize this, you can add your listings to the search map. Then when web surfers click on a property, a link to your site will come up and you can direct them to a page dedicated to that listing.
Jay,
I'm not sure these are all listed for sale. I clicked on a few of them that are on the map and I know that the owners are in trial modification programs with the banks. I think the map might just indicate a notice of trustee sale has been recorded. Pretty crazy map though…Google is just silly, crazy amazing aren't they? Thanks for the share!
Yep, apparently there are some (but not all) homes mapped that have received a Notice of Trustee Sale. See "update" at end of the article. Thanks for pointing this out!
Wow. It's even more staggering when you go to the map and start zooming in on your various areas of interests.
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Good stuff. I typed in my market and the map was surprisingly accurate. Becoming an even bigger fan of Matrix.
My recent post Real Estate 101- Timing the Market
Good stuff. I typed in my market and the map was surprisingly accurate. Becoming an even bigger fan of Matrix.
My recent post Real Estate 101- Timing the Market
I'm not sure what happened to my comment (it posted, then only my name showed, and then it was completely gone). Anyway, I just looked up my market on the map and it was surprisingly accurate. Buyers would sure get a kick out of using it (even if it represent an overall picture of the current state of the market). Becoming an even bigger fan of Matrix.
My recent post Real Estate 101- Timing the Market
Looks like one more unreliable and confusing source for the consumer. I wish they would pull from the County Recorder's site *only*.
I swear there are some thieving trolls out there just looking for vacant bank owned property to get some appliances and copper from. If these homes are occupied – this is not good!
I agree with the talented, professional and dazzeling Renee Burrows. If people "see it on the internet" they think it's true, it's in concrete and therefore jump to conclusions. I'm all for freedom of the press or internet. But a little information can be a dangerous thing!__Dena Stevens http://www.realestatecoloradostyle.com
Came back for a follow-up post. I've started using this in my Sunday foreclosure posts and all the local feedback I've received is very positive. Folks definately love to see visuals!
How come I missed seeing this post until now? Despite my tardiness, I need to comment because I just love maps!
Such a pity that as Renee points out, this is yet another source for the consumer to get confusing info. Also a pity that Google is a trusted source that folks rely on. This is definitely misplaced trust. I love Google too, but they are not good at this. They pull their data from too many unreliable sources, (many of whom are feeding outdated information), dish it up to the unsuspecting consumer who then comes to us for more info. When we put them straight they don't believe us, because of course it came from a trusted source…
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