The Real Deal Miami

Americans overestimate home values, survey says

October 29, 2008 03:19PM

Almost half of the homeowners polled in a Zillow survey said the values of their homes have increased or stayed the same over the last year. In fact, almost 75 percent of homes have lost value in the last year, the survey said. But the gap between reality and homeowners’ perceptions seems to be narrowing from the second quarter, when 62 percent of homeowners said their homes’ values had increased or remained constant. Homeowners in the South had the most accurate perceptions of home values, the survey found.