Home prices in the state of denial
Thursday February 7, 5:58 pm ET
By Chris Isidore, CNNMoney.com senior writer
Despite numerous reports showing home values in historic decline, more than three out of four homeowners believe their own home has not lost value in the past year, according to an online survey.
The survey was conducted by Harris Interactive for Zillow.com, a Web site that gives estimated home values.
The survey of 1,619 homeowners found 36% believe their home has increased in value, and another 41% believe their value has stayed the same. Only 23% believe their home has lost value.
"This survey reveals that despite the data to the contrary, people either aren't paying attention to their housing market or are in denial about their own home's value," said Stan Humphries, Zillow.com vice president of data & analytics.
"Maybe your house, but not mine!"
Ok pal.
3 comments:
Deny, deny, deny!!! If these people hadn't taken cash out refi's, then they wouldn't be so desperate to believe their homes are worth more.
Now, they have to in order to dig their way out of debt. Unfortunately, I believe that far too many people will go down with the sinking ship. Greed and stubborness will prevail.
they will ride it all the wat to the bottom and then sell or be trapped.
No really, I like the avocado colored appliances in the kitchen. That shag carpeting in the living room....I can't believe you're not asking $500,000!!
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