Americans either don’t know or don’t want to admit how much money they’ve lost in their homes. Real estate website Zillow.com has what it calls its “Misperception Index,” which measures the gap between the percentage of homeowners whose homes have dropped in value, and the percentage who say their homes have dropped in value.
As you can see, in Q109, it was a very tiny gap. The horrible economy forced people to be realistic. But here we go again, just as things start to turn around, and the housing market shows the tiniest signs of life, people are deluding themselves about their homes once again.
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