Google Maps, Redfin, and Zillow: How Information Fueled the Housing Bubble and is changing the Real Estate Industry

The access to information for the consumer has never been so great. This is especially true for housing. Ironically these tools which allow transparency also fueled the bubble. It wasn't that tools like Zillow had inaccurate information via Zestimates but it simply reflected a national mania. If you are looking at comps and everything is inflated the price really doesn't imply sustainability. Also, tools like Google Maps and discount brokers like Redfin and ZipRealty ensure that this will be a very different recovery when it does arrive.

This technology will now actually make the correction much longer and painfully transparent. Instead of looking at quarterly reports, people can look at the daily price changes on their own and neighbor's homes. It'll be like watching grass grow for many.