Homeowners are more pessimistic about home values than they’ve been in the past three quarters, according to a recent second quarter homeowner confidence survey Zillow.com.

One out of every three homeowners think the worst is yet to come for home vales, according to the survey. Only 38 percent of homeowners think local home values have hit rock bottom. More than one-quarter of U.S. homeowners said home values in their local real estate market will decrease in the next six months, a 20 percent increase from the first quarter of this year. Less than one-third of homeowners believe home values in their local market will increase, a drop from 42 percent in the first quarter.

Even though there is increasing pessimism among homeowners, a large number of them are anxiously awaiting the opportunity to sell their property. Five percent of U.S. homeowners say they are very likely to put their home on the market in the next six months if they see signs that the real estate market will turnaround. This translates into 3.8 million homes with the potential to come into the market. In 2009, 5.2 million existing homes were sold, according to a statement.

"As homeowners have been so inundated recently with news of declining home sales post-tax credit, it’s no surprise that they would become more pessimistic about the future of home values," said Stan Humphries, chief economist at Zillow.com. "Homeowners have become much more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial."

In hindsight, homeowners also became slightly more pessimistic about the performance of their own homes’ values in the past year. In the second quarter, 24 percent of them said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, a statement said.

However, more than a quarter of homeowners do believe that the value of their homes will increase during the next 12 months. Thirty-five percent think it will stay the same. Twelve percent expect a decrease in their home’s value and 26 percent aren’t sure, a statement said.

Homeowners who do expect their home’s value to increase, expect a rise of about 6 percent, although that does vary depending on where in the country they live. Northeastern and Western homeowners who expect an increase anticipate a median rise of 10 percent, while Southern and Midwestern homeowners expect a median increase of 5 percent. Those who expect their home’s value to decrease in the next year anticipate a median decrease of 10 percent.