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Brian Ripp, CRS, GRI, Broker's Blog

By Brian Ripp | Broker in Fremont, CA

Fewer Homebuyers Look To Foreclosures

U.S. homebuyers are less likely to purchase a foreclosed property today than they were a year ago, according to a recent survey by Trulia & Realty Trac.  Some 45% of U.S. homebuyers say they are at least somewhat likely to purchase a foreclosure today, compared with 55% who said that same a year ago.

Only 1% of homeowners who carry a mortgage say walking away from their home would be their first option if they are unable to pay it, while 59% say they would not consider walking away no matter how much their mortgage was underwater.  More than 2/3 of homeowners, (69%), say modifying their loan terms would be their first choice if they aren’t able to pay their mortgage.

The survey also finds that fewer homeowners have a negative view toward foreclosure properties this year, (78%), compared with last year 85%.  Homeowners who believe there are negative aspects to purchasing a foreclosed home say they are most concerned that there will be hidden costs, 68%, that the process is risky 49%, and that the home could lose value, 35%.

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