Home value realities elude Southerners, says survey

Floridians and other southerners are still in denial about how much their home values have suffered, according to a homeowner confidence survey by Zillow.com. While places such as the Northeast had the "firmest grip on reality," Zillow said, southerners were most unrealistic about home prices. About 47 percent of people surveyed in the South believed their home values had fallen in 2008. In reality, 70 percent of homes in the region lost value last year. Overall, most U.S. homeowners assume prices have hit bottom, a view not shared by Zillow. "With year-over-year home value losses continuing to accelerate, most areas of the country will see housing values get worse before they begin to stabilize," Zillow vice president Stan Humphries said.

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