Many Homeowners Think They’re Immune to Price Declines

Despite a financial crisis, market volatility and continued indications of declining home prices, 17% of homeowners told Zillow they think their own home’s value stayed the same over the past year, while 32% said their home has appreciated in value. Zillow estimates that nearly three-quarters of homes have lost value in the past 12 months.

Yes, still. It's still a "tinkerbell" economy (just keep believing things are good for you or will get better, and it will happen), which doesn't bode well for improvement. Another snip from the article:

“We’re seeing a fascinating distinction in consumer psychology — on the one hand, homeowners appear to understand the reality of today’s economy and are curbing their household spending, but on the other hand they still aren’t ready to admit that these woes might extend to their own homes,” said Stan Humphries, Zillow vice president of data and analytics. “There’s clearly still some denial.”