We recently attended a teleconference by HomeGain, which discussed the results of its latest home prices survey, this one for Q1 2010 for the U.S. as a whole. While it varied somewhat by region, the standout points were that three out of four agents and brokers expect home values to fall further, while well over half of homeowners have unrealistic expectations of what their homes would sell for.

Roughly 20 percent of the agents, with variation by region, said that as much as half of their sales in the last three months were first time home buyers.

HomeGain GM Louis Cammarasano talked about the shadow market of homes whose owners are paying their mortgage but haven’t been foreclosed on, because bankers are reluctant to do so. “When banks finally foreclose they have to put that in their portfolio and they have to maintain the home,” he said. 

Also discussed was the concern about what will happen once the first time home buyer’s tax credit deadline passes. The consensus seems to be that state budgets are not going to allow any following in the footsteps of California’s state-funded tax credit, recently extended through the end of 2010.

Here’s more on the survey.