Homeowners not facing reality?

Real estate Web site Zillow recently published a survey that proves what I’ve long suspected: Homeowners aren’t facing reality when it comes to their own residences.

We all know that the residential real estate market is mired in a deep slump. We also know that home prices across the country are either dropping or stagnant. It seems that a majority of homeowners, though, think that it’s everybody else’s homes that are declining in value.

The Zillow survey reports that 62 percent of homeowners think that their homes have either gone up in value or stayed the same during the last year. But, according to Zillow’s own analysis of second-quarter statistics, only 19 percent of homes across the country actually increased in value, while only 5 percent stayed the same.

That leaves a lot of homes that have dropped in value.

It also leaves a lot of homeownes who refuse to accept this fact.