photo credit: TheTruthAbout…
American property owners still think their homes are “insulated” from price falls, a survey has shown.
Almost half of owners think their home’s value has gone up or stayed the same during the past year, according to the figures from real estate market experts Zillow.
The figures suggest some American owners are overestimating what their property is worth as other figures from the company show nearly 74 per cent of homes have lost value in the last 12 months.
Dr Stan Humphries, Zillow vice president of data and analytics, said:
“After one of the most turbulent quarters in history for the US economy and housing market, you’d expect the reality of dropping home values to start sinking in.
“We are seeing some movement toward more accurate perceptions of home value declines, but there’s still a significant gap between reality and perception.”
Other data from the company shows homeowners in the South and West of America had the most accurate perceptions of home values.
In the South, where 67 percent of homes decreased in value, the “misperception index” was 13 and in the West, where 85 percent of homes declined in value, the index was also 13.
Related posts:
