Interesting new survey

[Carraway]

Zillow: Homeowners Demonstrate False Sense of Confidence in Home Value

A recent survey shows that almost two-thirds of homeowners, 62 percent, believe that the value of their home increased over the previous year, while data shows that only 19 percent of U.S. homes appreciated in value over the past year, and that 77 percent depreciated. The disconnect between fact and opinion demonstrates that homeowners are out of sync with reality, according to the survey conducted by Zillow.com, a Seattle-based Web site that tracks home values across the country,

 The survey also found that 90 percent of those surveyed reported that foreclosures have occurred in their local market and 80 percent anticipate that foreclosures will occur at a steady rate over the next six months. However, 48 percent of respondents opposed government efforts to bail out homeowners facing foreclosure.
 

[Boab64]

Where does this come from then Brian? Are they just kidding themselves based on wishful thinking or are some realtors giving them a line. I have to be honest and say Zillow themselves could be guilty of creating a false image of increasing values care of the 'Zestimate' function. If you believe the 'info' on Zillow regarding my place, it has by all accounts gone up in value by some 40k dollars in just a few weeks - huh! if only.

Is there not also a case to some degree in talking the market up. The turn around has to start somewhere and if it can be started with a bit of positive thinking from a few choice circles then so much the better. I am not advocating blind optimism but the whole damn mess is because peoples perceptions of the market ie bankers lead them to act in a certain manner (run to the hills). If by means of creative financing and marketing, the market can be brought back into action, albeit in a manner unlike previously, then maybe Johnny banker might start to come out of his ivory tower because he smells the odor of potential lost profits.

Robin

PS All gutsy and ballsy ideas welcome (or even the timid ones too)

[Brian Lee]

Great response Robin!  I think Zillow and many media type outlets are to blame, but what is even more mind blowing is how so much of the public are sheep and happy to keep with the herd.  I think there is some element of entitlement going on, and many people are waiting for the government to fix their problems.  If any of you have ever worked with the government (and I know nearly every one has in some capacity), you know they are inefficient.  Ask the people in Louisiana.  Instead of waiting for someone to hand you something, how about going out and getting it yourself and making it happen.  Nothing worth having comes easy.

-B