Homeowners delusional on value of property

The San Francisco Chronicle reports:

It could never happen to me. That's the common attitude whether the subject is shark attacks, black market organ theft or, apparently, housing price declines.

Despite plummeting values across the nation, 62 percent of homeowners believe their property's worth has actually climbed or stayed the same during the past year, according to a confidence survey commissioned by real estate Web site Zillow. In reality, the market price on 77 percent of properties has dropped and only about 24 percent have risen or held firm, the Seattle company estimates.