Buyers don’t want seized homes
A new real estate survey shows that consumers are less willing to buy foreclosures, which could prove problematic in 2009, when a new wave of home foreclosures is expected.
The survey from real estate search firms Trulia and RealtyTrac Inc. noted:
Three in 10 adults expect at least a 50 percent discount when buying a foreclosed property.
Seven in 10 adults anticipate a 25 percent discount.
Negative sentiment associated with buying foreclosures — concern about hidden costs, risk and loss of property value in a declining market — rose from 69 percent to 80 percent in the past seven months.
“What’s significant about our findings is that just as the market is being flooded with more foreclosures, home-buyers are more hesitant to buy them,” said Pete Flint, co-founder and chief executive of Trulia, a home real estate search engine.
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