Inquiring minds are looking at the confidence level dropping of homeowners:
U.S. homeowners were less confident about the value of their homes in the second quarter, with one-third believing home prices had not yet reached a bottom, real estate website Zillow.com said on Thursday.
Homeowners were more pessimistic about the short-term future of home values in their local market than they had been in the previous three quarters, according to the Zillow Second Quarter Homeowner Confidence Survey.
Indeed, 33 percent believed home values in their local housing market had not yet reached a bottom, while 38 percent believed they had already reached a bottom.
Nationally, 28 percent of homeowners said home values in their local real estate market would decrease in the next six months, up from 20 percent in the first quarter.
Additionally, less than one-third, or 30 percent, believed home values in their local market would increase, down from 42 percent in the first quarter.
To quote someone rather famous, “How’s that hopey changey thing workin’ out for ya’?”
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