It seems a gigantic crash that nearly toppled the entire financial system wasn’t enough to disabuse Americans of the idea that homes are just a good investment, no matter what.
While most pundits agree we haven’t seen the bottom in housing prices — and many would-be buyers remain gun-shy, indicating that they agree with the pundits — homeowners themselves are convinced that sunny times are right around the corner.
That’s according to a survey from real estate site ZIllow.com:
…homeowners are more optimistic than ever about the future values of their homes, with 81 per cent of homeowners believing their own homes’ values will not decline in the next six months – the highest percentage on record since the first quarterly Homeowner Confidence Survey, which was fielded in the second quarter of 2008. Meanwhile, only 19 per cent of homeowners believe their own home will decrease in value over the next six months.
In some markets, it’s certainly possible that they’ll be right, though even then we’d caution that when housing does rebound, it won’t be anything like the good old days, when you could make real money quarter over quarter.
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