Sweet Orange

What do homeowners think has happened to the value of their homes? According to Zillow’s Homeowners Confidence Survey, which came out at the beginning of this year and asked homeowners how much, if any, the value of their home decreased in 2008, the answers are as follows:

• In the South, 48% thought that their home lost value. The reality is that 70% lost value.
• In the Midwest, 59% thought that their home lost value. The reality is that 73% lost value.
• In the West, 70% thought that their home lost value. The reality is that 90% lost value.
• In the Northeast, 58% thought that their home lost value. The reality is that 71% lost value.

Zillow’s report also stated that 70% of U.S. homeowner thought that their home would increase or stay the same in the beginning of 2009.

Source: Marilyn Kalfus, “We’re beginning to admit our houses are worth less,” The Orange County Register, February 12, 2009