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Paul Owers
South Florida Sun-Sentinel
December 17, 2008
At a time when foreclosures continue to mount, there's less of an appetite to buy these distressed homes, according a survey released Tuesday.
The November survey, conducted by Harris Interactive for real estate tracking firms Trulia.com and RealtyTrac, showed that 47 percent of U.S. adults would consider buying a home in foreclosure. Only seven months ago, 54 percent said they'd like to scoop up a foreclosed property.
The decline is attributed to prospective buyers gradually understanding the negative aspects of dealing in foreclosures or so-called short sales, in which lenders take less than what's owed on the mortgages and forgive the remaining debt. Buyers cite hidden costs, a difficulty in getting banks' attention and the very poor condition of many of the homes.
"It's a more complicated buying a foreclosure or short sale," said Rick Sharga, a senior vice president of Irvine, Calif.-based RealtyTrac. "The banks are overwhelmed with properties, so in many cases it becomes a waiting game, which isn't any fun if you want to buy a home."
