Wednesday, February 11, 2009

Home values stink.

Found an interesting article online this morning. If you don't like reading about bad economic news, don't read this or follow the link to just a warning.
    More than half (57 percent) of 1,573 homeowners surveyed now believe that their home lost value in 2008. That still lags the reality that 76 percent of all U.S. homes declined in value in 2008, according to Zillow's figures.

    A full quarter of homeowners had the sunny view that their home's value had increased; in reality, 20 percent of homes did increase in value during the year, according to Zillow's reckoning. Another 18 percent insisted their homes' value was the same, while only 4 percent of homes actually kept their value, Zillow said.

    Previous surveys showed homeowners mired deeper in denial, convinced that their own homes were immune to the nationwide plunge in real estate values that started about 2 1/2 years ago. Just six months ago, only 38 percent of people surveyed believed that their homes were declining in value.

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