Did you happen to catch this media release? The Boston Consulting Group conducted a survey recently. They called Americans nationwide and asked them questions about their confidence in the real estate market and in how the recent real estate reality check has, or will affect them personally.

Here are a few of their findings:

1. 55% of Americans say their home would sell for more money now than it would have a year ago. (Last summer, 59% of American homeowners felt that way.)
2. Nearly three-quarters (74%) of homeowners say they're confident they could sell their home within the next six months at a price they think it's worth.
3. 85% of Americans believe their house will be worth more five years from now than it is today.
4. The majority - 63% - of Americans think real estate is a good or excellent investment.

... and if you ask me:

1. 45% of Americans are dreaming. Sure, some are seeing real appreciation. There will always be some corner of the market doing well. The majority of the 55% simply don't have their homes on the market, so they're not living the reality of lower selling prices - particularly of homes built more than a few years ago.
2. Put a sign in the front yard and put that confidence to the test. It's a shifting sands question because the survey has no way of knowing how well people can gage the market value of their own home. More than a few I know have been startled to find out what the market will (or won't) bear for the prices of their homes. I have a neighbor who is still trying to find out how far "down" is.
3. This is a good reason to lighten up on real estate holdings. When that number reaches 30% it'll be time to load 'em back up.
4. Real estate is an excellent investment. Just not right now.