Like McCain, Owners Home-Confused

Remember last year, when Presidential nominee Senator John McCain forgot how many houses he owned? Ha! Turns out he's not the only clueless person when it comes to homes. A new study from Zillow suggests many homeowners are out of touch with reality.

Take people in Colorado, for example. Most markets in the western United States dropped in the past year, but somehow, 28 percent of Colorado homeowners believe their home's value increased. According to Zillow just 17 percent of homes in the region actually increased in value.

They aren't the only ones scratching their heads...

The Aurora Sentinel quotes Zillow Chief Economist Stan Humphries. "Homeowners are clearly confused about the housing market, and with good reason. Home values in different parts of the country have shown varied performance in the third quarter."

Confusion isn't contained to the west, however. Homeowners in the northeast believed home values performed worse than they actually did over the past year, the study said.

Nationally, 25 percent of homeowners believe their own home's value increased in the last year, but in reality, 22 percent of U.S. homes gained value, according to the Zillow study.Here's a link to the results.
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