Industry NewsMarkets & Economy

Homeowners no longer denying lost equity

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Although more than half of those surveyed in's Q4 Homeowner Confidence Survey believe their own home lost value in 2008, more than two-thirds appear to believe that the worst may be over. According to the fourth-quarter-2008 survey, some 70 percent of those surveyed believe their home's value will either increase or stay the same in the first six months of 2009, while only 30 percent expect a decrease in value. Fifty-seven percent believe their home last value last year, up from 38 percent of those surveyed in the second quarter of 2008. In reality, 76 percent of all U.S. homes lost value in 2008, according to analysis of the Zillow Q4 Real Estate Market Reports. With these new findings, Zillow's Home Value Misperception Index shrunk to 10 in the fourth quarter, from 16 in the third and 32 in the second quarter. An index of zero would mean homeowners' perceptions were in line with actual values. "It's clear that the 'not my house' sentiment that was so pre...