Survey: Homeowner Confidence Weakened in Second Quarter

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A survey by real estate website Zillow.com showed homeowner confidence fell in the second quarter, with one-third saying that home prices had not yet touched bottom.

Pessimism about home values in the near-term was worse than in the previous three quarters, Reuters reported. Thirty-three percent thought home values in their area would fall further, while 38% believed prices had already touched bottom.

"After years of hearing news about the housing recession, homeowners really understand the realities of the market," Stan Humphries, Zillow's chief economist, told Reuters.

Less than a third of homeowners said home values in their local market would increase. In the first quarter, that figure was 42%.

Still, 62% of homeowners said the price of their home would rise or stay the same in the next 12 months, and 5 % said they were very likely to put their house on the market in the next six months if they saw signs of a turnaround in the real estate market.
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