Irrational Confidence
August 7, 2008
From today’s WSJ:
Zillow said that 62% of the 1,361 homeowners who responded [to a survey] said they believe the value of their home increased over the previous year.
How far off can those homeowners be from reality?
Zillow’s data show that 77% of U.S. homes depreciated in value over the past year, while only 19% appreciated.
Either Zillow interviewed people who still think it is 2001, or . . .
