For The First Time In 18 Months, Homeowners Are More Optimistic On Home Prices Than Appraisers
Quicken Loans reported Tuesday that home values continued to climb in February.
Home values increased 8.45 percent over the previous February nationwide and increased 1 percent from January to February.
The Western Region of the United States saw an increase of 2.46 percent in values from January to February, while other regions were nearly flat. The Northeast and Midwest regions dropped slightly.
For the first time in 18 months, appraiser opinions of home values fell below homeowner estimates of value.
Quicken Loans Chief Economist Bob Walters said, "While it's significant that appraiser opinions are now lower than homeowners' nationally, this minimal difference is unlikely to derail a refinance or cause headaches for the homeowner. The dip in the HPPI is likely caused by a delay of homeowner perceptions.
"As the economy recovered, homeowners hadn't realized property values had improved. With the headlines of growing home prices, homeowners are catching up, but are now a bit overzealous in their estimates," he added.
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