According to Quicken Loans March report, appraisers’ opinions of home values fell 0.40 percent below homeowners opinions last month, as homeowners continue to overvalue their homes. In addition, the national Home Value Index indicates home values dropped 0.56 percent in March, consistent with most metro areas that saw little change from the previous month.

Despite the slight drop in March, on a year-over-year basis home values were 6.42 percent higher in March 2015 over the prior March. This represents a decline from February when home values shot up 8.46 percent over February 2014, as housingwire informs MHProNews.

Quicken Loans Chief Economist Bob Walters says, “Despite negative housing trends garnering attention, home values nationally are still displaying healthy gains over the long term. The market is in a lull right now, and all eyes are focused on homeowners as they decide whether to list their home. The upcoming peak real estate season could set the course for the market and push home values positively or negatively in a big way.”

The Home Price Perception Index (HPPI) is important because it gives an idea of how homeowners see the housing market as compared to home values based solely on appraisal data from actual home purchases and mortgage refinances. ##

(Image credit: housingwire–home values increase)

  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.