{"id":8004,"date":"2009-11-18T07:23:20","date_gmt":"2009-11-18T15:23:20","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=8004"},"modified":"2009-11-18T07:23:20","modified_gmt":"2009-11-18T15:23:20","slug":"zillow-homeowners-in-the-west-continue-to-be-overly-optimistic","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/11\/18\/zillow-homeowners-in-the-west-continue-to-be-overly-optimistic\/","title":{"rendered":"Zillow: Homeowners in the West &#8220;Continue to be Overly Optimistic&#8221;"},"content":{"rendered":"<p>Zillow&#8217;s latest &#8220;Homeowner Confidence&#8221; survey came out yesterday, and as usual, provides <a href=\"http:\/\/www.zillow.com\/blog\/homeowner-confidence-out-of-whack-but-can-you-blame-them\/2009\/11\/17\/\" title=\"Homeowner Confidence Out of Whack - But Can you Blame Them?\">an interesting look into the psychology of the market<\/a>.<\/p>\n<blockquote><p>&#8230;in the hardest-hit region of the country, the Western states, homeowners continued to be overly optimistic when evaluating the value of their own homes.<\/p>\n<p>Nationwide, when asked about their own home\u2019s value over the past year:<\/p>\n<ul>\n<li>25% think their home\u2019s value has increased<\/li>\n<li>26% think their home\u2019s value has stayed the same<\/li>\n<li>49% think their home\u2019s value has decreased<\/li>\n<\/ul>\n<p>In reality, <strong>72 percent of U.S. homes lost value over the past year, and 22 percent of homes increased in value.<\/strong><\/p><\/blockquote>\n<p>Drilling down into <a href=\"http:\/\/filecache.drivetheweb.com\/mr4enh_zillow\/960\/HCS+Results+Q309.pdf\">the more detailed release<\/a> (pdf), you can see that out here in the west, homeowners still seem to be the most overly optimistic bunch in the country.<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/Zillow-Misperception-Index_2009-Q3.png\" title=\"Zillow Misperception Index\" rel=\"lightbox[8004]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/11\/Zillow-Misperception-Index_2009-Q3-600x355.png\" style=\"border: 0; margin: 5px;\" title=\"Zillow Misperception Index - Click to enlarge\" alt=\"Zillow Misperception Index\" width=\"600\" height=\"355\"><\/a><\/p>\n<p>53% of homeowners in the west believe their home has declined in value in the last year, while 28% believe their homes have <em>increased<\/em> in value.  In reality (according to Zillow), 78% of homes have declined in value, and only 17% have increased.<\/p>\n<p>Meanwhile, only 15% of homeowners in the west expect their home&#8217;s value to decrease during the next six months, which is not too surprising given that nearly half the people surveyed base their belief in a housing market bottom on &#8220;general good news about the economy.&#8221;<\/p>\n<p>With the stock market continuing to surge (quite likely <a href=\"http:\/\/market-ticker.denninger.net\/archives\/1611-FedSpeak-Translation-There-Is-No-Recovery.html\" title=\"FedSpeak Translation - There Is No Recovery\">due to a growing dollar carry trade<\/a>) and the mainstream press giddily pumping an alleged recovery while all but completely ignoring the fact that none of the underlying poisons in the economy have been addressed (and in fact many of the problems <a href=\"http:\/\/globaleconomicanalysis.blogspot.com\/2009\/11\/delong-says-odds-of-another-great.html\" title=\"DeLong Says Odds of Another Great Depression Reach 5%\">have been <b>amplified<\/b><\/a>), of course most people would believe that housing has bottomed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zillow&#8217;s latest &#8220;Homeowner Confidence&#8221; survey came out yesterday, and as usual, provides an interesting look into the psychology of the market. &#8230;in the hardest-hit region of the country, the Western states, homeowners continued to be overly optimistic when evaluating the value of their own homes. Nationwide, when asked about their own home\u2019s value over the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[603,602,80],"coauthors":[],"class_list":["post-8004","post","type-post","status-publish","format-standard","hentry","category-stats","tag-delusion","tag-homeowner-confidence","tag-zillow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zillow: Homeowners in the West &quot;Continue to be Overly Optimistic&quot; \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/11\/18\/zillow-homeowners-in-the-west-continue-to-be-overly-optimistic\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Zillow: Homeowners in the West &quot;Continue to be Overly Optimistic&quot; \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Zillow&#8217;s latest &#8220;Homeowner Confidence&#8221; survey came out yesterday, and as usual, provides an interesting look into the psychology of the market. &#8230;in the hardest-hit region of the country, the Western states, homeowners continued to be overly optimistic when evaluating the value of their own homes. 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