A poll of prospective homebuyers found 42 percent believe home prices typically appreciate by 7 percent a year. The survey, which assessed prospective buyers’ knowledge of the home purchase process, shows continued optimism despite recent volatility in the housing market. Additionally, nearly half of the survey’s respondents said a buyer owns a home once the purchase contract is signed, though the signing only begins the closing phase of the process. And 56 percent said the purpose of an appraisal was to determine if the home is in good condition, when that is the reason for an inspection. But, despite some mistaken beliefs, the majority of prospective buyers were able to correctly answer basic questions about purchasing a home 65 percent of the time. More here.