America is in one of the worst housing crisis in history, yet 49% of U.S. homeowners believe their home's value has increased or stayed the same over the past year, according to Zillow's Q3 Homeowner Confidence Survey.
In reality, 74% percent of homes have lost value in the past 12 months, according to preliminary findings in Zillow's Q3 Real Estate Market Reports, which will be released Nov. 12.
(As a realtor, I just couldn't resist sharing this information. In my experience, almost every homeowner has an inflated view of the worth of their home because of the value of their home to them - which doesn't always translate to the current market. Isn't it interesting that even with all the media, people still think it doesn't apply to their home. I have to tell you folks, this is one of the number one reasons I have a job. We can't be dispassionate about our own homes, which is probably a good thing.)