| Are Homeowners in Denial about their House Values? Comparing Owner Perceptions with Transaction-Based Indexes Contributor(s): Federal Reserve Board (Author) |
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ISBN: 1503222950 ISBN-13: 9781503222953 Publisher: Createspace Independent Publishing Platform OUR PRICE: $12.30 Product Type: Paperback - Other Formats Published: November 2014 |
| Additional Information |
| BISAC Categories: - Business & Economics | Real Estate - Mortgages |
| Physical Information: 0.06" H x 8.5" W x 11.02" (0.20 lbs) 28 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: The boom and bust of the housing market has been a prominent feature of the household financial landscape in recent years. The exact magnitude of the house price swings depends on whether you ask homeowners how much their houses are worth at two points in time or use the change in a transaction-based house price index (HPI). During the boom, owner-reported values rose much more rapidly than the HPI, and after the bust, owner-reported values fell slightly less than the HPI. Individual homeowner 'errors' are estimated to explain about one-third of the different in aggregate changes in the housing stock as measured by the Survey of Consumer Finances and CoreLogic national HPI. In a panel of homeowners surveyed during the housing downturn, owner-reported changes in value do not systematically diverge from local house price index changes. |