SB1291 Fails to Pass

The bill we've been discussing here the last few days failed to get the required 2/3's majority in the Arizona House today.

Voting results:

THIRD READ:	DATE	AYES	NAYS	NV	EXC	EMER	AMEND	RFE	2/3 VOTE	RESULT
Vote Detail	04/24/07	32	22	6	0		Y	Y		FAILED

Greg has a nice summary, including a statement from Zillow.

Hopefully someone will attach yesterday's amendments, which clarifed that AVMs such as Zillow's "Zestimate" are not true appraisals, to another bill and that will pass — putting this sordid mess to bed once and for all.

It will be interesting to see what Arizona Attorney General Terry Goddard does next… Stay tuned, it isn't over yet.

More from Inman (it will slip over to the pay side soon)

[tags]Zillow, AVM, SB1291[/tags]

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Marc

How big of an impact do you think this will have? I have never heard of a 'zestamite' before. Very interesting.

Marc

Sorry about the misspelling, I meant to write 'Zestimate'.

Keith Jeppson

We're all watching with great interest Jay. Thanks for keepng us updated.

Jay - The Phoenix Real Estate

Marc - impact remains to be seen. There may be (or may have already been) another vote on the bill.

The AZBoA has bitten off more than it can chew with this stunt. To single out Zillow -- and not have a flipping care about every other AVM out there -- is mind-numbingly stupid.