As more foreclosed properties flood the marketplace, many potential homebuyers aren’t sold on the idea of owning one. A new Harris Interactive study commissioned by Trulia and RealtyTrac, finds that only 47 percent of U.S. adults surveyed would consider buying a foreclosed home, down from 54 percent of respondents surveyed in April 2008.
A majority of Americans (80 percent) feel there are negative aspects to buying a foreclosed property, up from 69 percent seven months ago. Those negative concerns include hidden costs, risky process, lost home value, and personal connection with foreclosure. To compensate for those negative aspects, three-fourths of respondents said they should pay at least 25 percent less for a foreclosed home, while three in 10 consumers said they expected to receive a discount of at least 50 percent, the survey finds.