West Coast residents lack confidence in the local real estate market, according to recently released survey data by The Experian-Gallup Personal Credit Survey. According to Experian, 52% of West Coast (U.S.) residents fear that house prices will severely decline.

Nearly half of all American consumers (47 percent) say a housing price crash is likely in their local real estate market within the next three years. This has increased from the 37 percent of Americans who felt this way in May 2005, and the 42 percent voicing the opinion in April 2006.

• 44 percent of Southern residents believe that a housing price collapse is likely within the next 3 years.
• East Coast residents were next in line, with 42 percent fearful of a housing price collapse.
• The Midwest clocked in at 41 percent, the least likely to be concerned about declines in home value.

The survey also showed that renters believe a drop in housing prices is more likely (57 percent), than do homeowners (43 percent).

Consumer confidence in local real estate markets (notably California) is dropping.