According to a recent report, published by Zillow.com, for the 2nd quarter of 2010, home owner confidence is all over the map.

For the past two years Zillow.com has fielded the “Homeowner Confidence Survey”, measuring how homeowners perceive the value of their own homes, and how this compares to market reality.

Zillow states that this is the most regional variation they’ve ever seen in eight quarters of fielding this survey, showing a nation that’s clearly divided in homeowner confidence. However, when the data is aggregated nationally, they do see a general rise in optimism, with a national Misperception Index of 5, versus -2 in Q4 2009.

In Q2 2010 Harris survey of more than 2,200 U.S. adults, they found that, much like Q1 market behavior, homeowner perception is all over the map:

• Homeowners in the West are overly cynical, believing their home’s value is doing much worse than reality. You can see this below in the Western region’s Misperception Index of -12 (a Misperception Index of zero would mean that homeowner perception is in line with reality).
• In the South, homeowners are overly optimistic with a Misperception Index of 14, believing their home’s value is performing much better than reality.
• And Northeastern homeowners are the closest to reality of any region, with a Misperception Index of -2.

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