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Quicken Loans Study Shows Homeowners Overvalued their Homes...

• Appraiser opinions of home values were 2 percent lower than homeowner estimates in September. • September was the first month the gap narrowed since the current trend started in February 2015. • Nationally, home values continued to rise with a 3.11 percent year-over-year gain.

DETROIT, 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.

Home Price Perception Index (HPPI)

Home values across the U.S. have remained largely unchanged from the previous month. According the national Home Value Index (HVI), home values increased 0.05 percent in September. This negated the 0.05 percent loss reported in August. There has been a 3.11 percent increase in the national average of home values compared to last year. The pace of the increase in September was slightly lower than in August, when the study showed 3.24 percent annual growth. Regionally, the West posted the largest gains, with 0.72 percent monthly and 6.03 percent annual increases. The Northeast and Midwest regions posted both monthly and annual home value losses.

“I don’t think it’s a coincidence the West is showing the greatest home value increases with almost all of the western cities measured in the HPPI exhibiting appraiser opinions higher than homeowner estimates,” Walters continued. “Homeowners are hearing national reports of slower home value increases, or even drops in value, when that isn’t the case everywhere. Appraisals are telling a different story in many western cities but homeowners may not realize home values are still making such strides.”


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