Homewners No Longer in Denial about Home Prices

February 12th, 2009

A new survey from Web site Zillow.com says more than half (57%) of home owners now say that their home lost value in the past year. This is much higher than the 38% who believe that was so at the end of last year's third quarter. By Zillow's calculations 76% of all U.S. homes lost value in 2008.

Homeowners are slightly more optimistic that their house will gain value in the first half of this year. Some 70% believe home values in their local market will decrease or stay the same. Last year 57% felt local prices would decrease.