Study Shows Homeowners Overvalued their Homes for the Eighth-Straight Month in September

Appraiser opinions of home values in September were 2 percent lower than homeowner’s opinion

By Jeff Sorg, OnlineEd Blog

value priceDETROIT (October 13, 2015) – Quicken Loans, the nation’s second largest retail mortgage lender, today reported appraiser opinions of home values in September were 2 percent lower than homeowner’s views, according the company’s national Home Price Perception Index (HPPI). The gap between the two values narrowed in September compared to the previous month, although the findings marked the eighth consecutive month homeowner estimates outpaced appraiser opinions.

Average home values across the nation remained practically flat. Home values increased 0.05 percent in September, according to the national Quicken Loans Home Value Index (HVI). This makes up for the 0.05 percent loss in home values in August. Home values are still making steady annual increases, with 3.11 percent gain compared to September 2014.

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