Despite housing bubble forecasts and indications a housing bust is on the horizon, 61 percent believe home prices will continue to rise and 47 percent believe investing in housing right now is a good decision.

Americans are bullish on housing.

A Parade Magazine survey, conducted by InsightExpress in July this year found that 43 percent of the 1,000 Americans surveyed were optimistic about the economy -- even without robust growth -- and 32 percent think any economic downturn is at least a year away. It's as if they've ignored the slower rate of home price appreciation.

No doubt the optimism is buoyed by past and expected home price appreciation -- 27 percent of them said their home has appreciated by a whopping 50 percent or more since they purchased it and 60.5 percent believe their home's price will be higher in a year.

Parade's feel-good survey is a natural for the upbeat Sunday paper insert.

It could, however, be telling a story about American consumers in denial about what could be ahead should any major unforeseen circumstance pile on top of higher interest rates, fraud, speculative buying, risky loans and all the other bogeymen haunting housing these days.

The survey itself hints that all may not be so rosy with the nation's hot housing market.

More than 10 percent of those surveyed say their home has declined in value either by less than five percent or by some unknown margin since they purchased their home. Most of those surveyed (62.8 percent) have lived in their homes only within the past 10 years -- a period that includes the latest housing boom -- but many of them are suffering lost home value. Almost 70 percent of them are very or somewhat concerned about property taxes getting out of hand. Add more taxes to the cost of gasoline, oil, inflated adjustable rate mortgages (ARMs) and other mounting bills homeowners already face and the future begins to take an edge.

Even though many home owners are optimistic about home values and the economy, most home owners plan to stay put for the next five years. Only 30.2 percent plan to move.

Are they hunkering down?

Otherwise, according to the survey, everything is coming up roses.

The survey said:

• Home improvements that add value to a home (a wise hunkering-down move) have been de rigueur in the past two years -- 31.7 percent landscaped the property; 26.2 percent remodeled the bath; 17.2 percent remodeled the kitchen; 15.1 percent added a patio or deck; 13.2 percent installed central air; 9.3 percent remodeled the laundry; virtually everyone did something from painting (48.1 percent) to adding on a new room (6.5 percent).

• In the future, if cost was no object, home owners would likewise wisely consider value-added remodeling jobs including a kitchen make over (34.1 percent); a bathroom redo (13.6 percent); an updated living room (12.6 percent) or a new patio or deck (9.7 percent).

• Those surveyed want their American Dream home in areas with resort-like qualities. More than 60 percent want to live in a home with an ocean front or ocean view, near a lake or a river or in a wooded area.

• Revealing little flair for the dramatic when it comes to architectural style, however, nearly a third, 29.3 percent said they liked the low-slung, open floor plan of ranch homes; 13.7 wanted the more stately Colonial look; 13.1 thought elegant Victorians are ideal; and 12.6 percent longed to chill out inside a log cabin -- more than those who wanted something in a Tudor (5.2 percent) or a Cape Cod 7.4 percent). Not surprisingly, only 6.6 percent wanted in on a condo or coop building -- based solely on architectural style.

• Asked to give a reason for buying a new home, the bigger-is-better crowd won out with 41.6 percent stating their need for more room as a big reason; 25.5 percent said they wanted more privacy (same thing); 24.7 percent said they'd buy because real estate is a good investment and 21.2 percent would buy to get away from the city -- another vote for the bigger house mob.

• Finally, 42.4 percent said their next home purchase would be a newly built home, 30.2 percent said a resale is the ticket and 27.5 percent hadn't made up their minds.