Some real estate agents in the U.S. are choosing not to list the properties they are marketing on national aggregation websites like Zillow.com and Trulia.com.

Though the sites garner significant traffic — Zillow attracted 32 million visitors in January — the Fiscal Times reported brokerages have grown tired of the inaccurate information the sites unwittingly purvey. They complain that Zillow and Trulia frequently publish incorrect property details, maintain duplicate listings, fail to update the sales status of a property and allow agents to pay to put their name and photo next to listings that aren’t necessarily their own. [more]

Fifty-four percent of American adults now believe a housing market recovery remains unlikely until 2014 or beyond, according to a recent survey by real estate database Trulia.com and RealtyTrac. The result marks a significant drop in confidence in a quick recovery. In the same survey, conducted only six months ago, participants predicted a turnaround by 2012.

Only 17 percent of those surveyed this time said that the government was doing enough to prevent foreclosures, while 45 percent said the government hadn’t stepped up. Almost one-third of homeowners surveyed self-reported that they have or they know someone who has applied for a loan modification, abandoned their mortgage, foreclosed on or short sold their home. TRD [more]

A screenshot of the application

New York City residential brokerage Citi Habitats unveiled its new iPhone application today, allowing users to browse all the firm’s listings from their mobile device. The announcement comes on the heels of Trulia.com’s new iPad application, which it announced via Twitter today. Citi Habitats’ free application includes a built-in location finder, which displays both apartment listings and dining and nightlife options nearby. TRD [more]

A slowdown in price cuts for U.S. homes on the market may indicate that housing is stabilizing, according to a monthly Trulia report released yesterday. The real estate search Web site said that as of Feb. 1, 21 percent of homes for sale nationwide had seen their prices reduced at least once, consistent with the figure reported for Jan. 1, when it hit lowest level since April 2009. The total value slashed during the month was $22.6 billion. In November 2009, 26 percent of homes on the market had undergone a price cut and $28.1 billion was cut from their asking prices. Luxury homes, which at $2 million and up comprise less than 2 percent of the inventory on Trulia, accounted for 25 percent of the $22.6 billion in price cuts last month. New York City ranked eighth among cities with the largest decreases in price-chopped listings: 18 percent of citywide listings had experienced price cuts last month, down from 27 percent in November 2009. “Seeing lower levels of price reductions nationally is an early indicator that we may be getting closer to a healthier real estate market,” said Pete Flint, co-founder and CEO of Trulia. Flint warned, however, that the impending expiration of the homebuyer tax credit could deflate prices as owners rush to get their properties sold before the deadline. TRD

Diane Ramirez, president of Halstead

Halstead Property announced today that it has completed the process of instituting a VOW, or “Virtual Office Web site,” making it the first major city brokerage to do so. According to Diane Ramirez, the president of Halstead, the company has received approval from the Real Estate Board of New York for a VOW, a new type of Web site expected to have far-reaching consequences for the industry. That means that Halstead customers may now search all of the industry’s
listings — provided directly by REBNY — without leaving an individual
Halstead agent’s Web site. In the past, site visitors could see only
Halstead exclusives.

The result of a recent settlement between the Department of Justice and the National Association of Realtors, VOWs are a new phenomenon in Manhattan. Under the terms of the settlement, the Real Estate Board of New York is required by law to provide these listings directly to VOWs who are REBNY members, provided they agree to certain guidelines and pay a fee for an audit by REBNY. This summer, Manhattan got its first VOW, an online brokerage known
as CBS 2 Real Estate Market, located at CBS2REM.com. Halstead is the
first of the city’s major brick and mortar firms to go through the
process of adding VOW capabilities, according to Ramirez, who said the
brokerage was informed last week that it met REBNY’s requirements, and
is now just waiting for the official paperwork. The change comes in
conjunction with new individual agent Web sites the company recently
unveiled.  More

[more]

The recently extended homebuyer tax credit could heat up a typically chilly fourth-quarter housing market. Real estate search engine Trulia.com saw traffic swell the day Congress approved the law, which allows first-time homebuyers to take advantage of up to $8,000 in tax credits until April 30, and increases the income limits for eligibility. Some repeat buyers can also qualify for up to $6,500, which means that homeowners who have been putting off listing their houses on the market because of the downturn might soon try to move on to something better. Experts recommend against procrastinating, especially given what hopefully first-time buyers learned as they scrambled to find suitable inventory before the original Nov. 30 tax credit deadline. While those who didn’t find homes by Nov. 30 got lucky, buyers shouldn’t expect another extension beyond April 30, and interest rates are expected to rise next year as well. [WSJ]

While recent data from the Federal Housing Finance Agency shows mainstream home prices are rising, many brokers say steep discounts can still be found among higher-end homes. In higher cost areas like the Upper East Side and Greenwich, Conn., homes are seeing drastic cuts, according to real estate Web site Trulia.com. On the Upper East Side, at least 40 percent of the homes have been slashed by an average of 18 percent, Trulia found. While homes over $2 million only account for 2 percent of the properties listed on the Web site, they represent 25 percent of all home price reductions. “In Greenwich, the $8 million homes are selling for $6 million, and the $10 millions are selling for $8 million. When you do the math, it looks like an adjustment of 20 to 30 percent,” Eric Bjork, vice president and director of sales at Prudential Connecticut Realty, said.