2008-02-08 — cnn.com
Survey shows 3 of 4 homeowners believe their home has gained or retained its value, despite evidence of price decline...
"This survey reveals that despite the data to the contrary, people either aren't paying attention to their housing market or are in denial about their own home's value," said Stan Humphries, Zillow.com vice president of data & analytics.
This is the psychology of housing bear markets. Sellers don't want to budge, because they just know their home didn't go down in value (that only happens to other people). So inventory builds, and prices typically are sticky to at least inflation (however, this time we're getting nominal declines, which is outright apocalyptic).
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