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Quarterly Homeowner Confidence Report Shows Levels Vary Across The Country
Each quarter Zillow tracks Homeowner Confidence by conducting a survey, along with Harris Interactive, to gage homeowner sentiment about the value of their home. When we started 6 quarters ago, perception and reality were quite far apart. But each quarter homeowners have come closer and closer to realizing that values have dropped nationwide, and the spread has narrowed.
However in Q3 of 2009, perception and real estate markets were literally all over the map. People in the Northeast were overly cynical about home values, while those on the West coast were overly optimistic.
From a national standpoint, when asked about their own home's value over the past year:
25% think their home's value has increased 26% think their home's value has stayed the same 49% think their home's value has decreased In reality, 72 % of U.S. homes lost value over the past year, and 22% of homes increased in value. That's fewer homes declining versus Q2(83%), and a smaller Misperception Index of 10 (vs. 13 in Q2 and 17 in Q3 2008). A Misperception Index of zero would mean homeowners' perceptions were in line with actual values.
Here's a breakdown of homeowner perception vs. reality nationwide:
So what does the general public ... more
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