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Warren Distressed Properties for Sale Affect Consumer Confidence

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By : Allana Castro    99 or more times read
A Homeowner Confidence Survey conducted by Zillow for the second quarter of 2010 saw homeowners' confidence in their local residential property markets declining when compared with the past few quarters. Locally, most analysts are not surprised by the result of Zillow's survey, with the number of Warren distressed properties for sale always expected to affect consumer confidence in the area.

According to the survey, most homeowners do not see the future of their local markets in a positive light. In total, 33% of respondents have expressed doubts that the value of properties in their local residential real estate markets had reached the bottom. Distressed homes in Washington are still in high numbers, which most likely meant that homeowners from the state are among the 33% who felt pessimistic about the housing market's short term condition.

Despite the general decline in property owners' confidence, those who believe that the values of regular dwellings and distressed properties for sale in their local markets have already bottomed out still reached 38%. Meanwhile, 28% of respondents are expecting prices of houses in their local markets to decline further within the coming six months.

Some residents believe that the value of regular residential properties and Warren distressed properties for sale will decline in the next half of the year. All around the U.S., those who believe that their local markets will face further property value declines in the coming six months represent 28%, which is actually a 20% surge when compared with the 2010 first quarter.

In contrast, those who expect the values of bank owned homes and regular houses to increase in their market account for 30% of responses, a considerable decline from the 42% recorded in the first quarter of the current year. Despite the increased negativity in terms of housing market perceptions, 5% of homeowners reveal that they are most likely to offer their residences for sale in the coming six months.

However, those who plan to put their dwellings in the market qualified their plan by stating that they would do this only if there is some sign that the housing market is on a path to recovery. Locally, owners of Warren distressed properties for sale might have to wait for another half year before their homes get sold for a reasonable price.
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