The Real Deal Miami

Fewer considering purchase of foreclosures

December 16, 2008 04:11PM

The appeal of foreclosed homes is dwindling, according to a survey
released today by real estate data firms Trulia.com and RealtyTrac.
Forty-seven percent of potential buyers would consider purchasing a
foreclosed home, compared to 54 percent seven months ago. People are
starting to realize that foreclosed homes come with hidden costs and
that many are in poor condition, the survey found. Those surveyed also
said they expected at least a 25 percent discount on a foreclosed home,
and 30 percent said they would expect a discount of at least 50
percent.