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Report Shows 2nd Quarter Drop in Homeowner Confidence

According to a second quarter Homeowner Confidence Survey conducted by Zillow, One third of US homeowners believe that home prices in their area have yet to hit bottom, while 38 percent believe prices have reached a bottom. About 28 percent meanwhile, believe prices will from again within the next six months, compared to just 20 percent of respondents on Zillow's first quarter confidence survey. Also, less than 30 percent believe their market will experience a rise in home values, compared with 42 percent from the last survey.

In spite of the shrinking confidence, there are a large number of homeowners anxious to list their homes for sale. About five percent say that they are likely to sell their homes within the next six months if there are signs of a recovery in the market. The percentage represents nearly 3.8 million homes that could be added to unsold inventory if the market improves soon. By comparison, a total of just under 5.3 million homes were sold in all of 2009.

The survey also showed that homeowners have become more pessimistic about the value of their own homes. Only 23 percent of respondents believed their home's value had increased over the last year, compared to 28 percent in the first quarter. In fact, almost 35 percent of US homes increased in value during the second quarter. Analysts attribute the dropping homeowner confidence to the flood of news reports and predictions about a post-tax credit drop in sales, as homeowners seem to be paying much more attention to market news than they did several years ago..

As for homeowners' hunches past the six months, 28 percent of respondents said they believe their home's value will increase over the next year, while 34 percent believe the value will remain the same. Just 11 percent of respondents think their home's value will decrease in the next year, while 25 percent were unsure. Among those expecting an increase in value, the median expected increase was 6 percent, although that number varies greatly from region to region. Homeowners in the Northeast and the West who expect an increase predict a median of 10 percent, while those in the South and Midwest predict a median of 5 percent. Among those expecting their home's value to drop over the next year, the median decrease expected was 10 percent.

Zillow.com was launched in early 2006 and is one of the most often visited real estate websites on the internet. The company provides an online outlet for buyers, sellers, renters, realtors, homeowners, and mortgage professionals to find and share vital data about mortgages, supply and demand, and other real estate information. Zillow defines its goal as helping people to become smarter about real estate. The company is headquartered in Seattle, Washington.
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