Majority of would-be homebuyers on sidelines

According to a recent survey by Realtor.com, 53 percent of potential homebuyers are not taking the plunge anytime soon. Nearly a third cited concerns about job security as the main reason for not entering the housing market. Meanwhile, one in five potential homebuyers said they would be interested in buying a home if it was steeply discounted, but nearly two-thirds surveyed said they would be unlikely to purchase a foreclosed home due to the complicated process. Also, while 41 percent of those surveyed said they didn’t think the Obama administration’s $50 billion dollar foreclosure prevention plan is working, 15 percent said they are looking to take advantage of the $8,000 first-time homebuyer tax credit. [Long Island Business News]