Homeowners are finally conceding that the value of home sweet home has fallen. In Rasmussen Reports polling this month, a confidence-uninspiring 61 percent said their home is now worth more than what they owe on its mortgage. Forty-six percent said their home is worth less now than a year ago. Just 17 percent think its value will rise in the next 12 months; 24 percent expect a decline during that period.
However, a majority remain convinced that the longer-term prognosis for real estate is favorable. Asked how they expect the value of their home to change (if at all) over the next five years, 59 percent said they think it will go up. Just 10 percent think it’ll go down. Twenty-one percent expect it to remain the same, with the rest unsure one way or another.