A quarterly survey of homeowner confidence by valuation and listings site Zillow found and many homeowners are eager to list their homes if they see signs of a turnaround, which might unleash a "shadow inventory" of homes that would put downward pressure on prices.

Although most homeowners believe their homes have lost value in the last 12 months, even more seem to think that homes prices will stabilize or bounce back in the next six months, Zillow said.

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