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Are Homeowners in Denial about their House Values? Comparing Owner Perceptions with Transaction-Based Indexes
Contributor(s): Federal Reserve Board (Author)
ISBN: 1503222950     ISBN-13: 9781503222953
Publisher: Createspace Independent Publishing Platform
OUR PRICE:   $12.30  
Product Type: Paperback - Other Formats
Published: November 2014
Qty:
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.