More homeowners coming to grips with home prices

More Americans are finally coming to terms with how much their homes are really worth, but homeowners in the south are still unwilling to come to grips with reality. A new survey finds 60 percent believe their homes lost value in the last year, according to Zillow’s first quarter Homeowner Confidence Survey. That’s up from 57 percent in February. Now, the reality check: Eighty percent of homes actually were worth less in the last 12 months, up from 76 percent in February. “While homeowners are now more realistic when looking backward, they are still pretty starry-eyed when looking forward with three out of four homeowners believing that their own homes’ prices will increase or be flat over the next six months,” said Stan Humphries, Zillow’s VP of data and analytics, in a news release. “Unfortunately, there are few markets we expect to perform this well.” However, those living in the South, particularly Florida, where the housing boom realized a bigger bust, are refusing to concede their homes are worth less.

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