Foreclosure findings

A survey from Trulia.com and RealtyTrac shows that 43% of Americans (age 18 and above) surveyed in November are at least somewhat likely to buy a foreclosed property, down considerably from the 55% who were at least somewhat likely in May 2009
 
The survey also found strong interest in certain segments, including real estate investors and current home owners looking to “trade up” to a larger property and renters. Nearly one in four U.S. adults (23%) are at least somewhat likely to purchase a second home or investment property, and of these, 92% are at least somewhat likely to buy a foreclosed property.

“Even during the darkest economic times, dreams don’t die. Foreclosures are providing never before seen opportunities for new segments of homebuyers and allowing renters to become first time buyers, allowing investors to grab great deals and allowing families to trade up to larger homes.” Trulia co-founder and CEO Pete Flint said in a statement. “Until unemployment levels off and starts to get better, we expect foreclosures to continue to play a big role in the 2010 housing market.”

OTHER SURVEY FINDINGS
• The survey found that 24% of homeowners are at least somewhat likely to “trade up” to a larger home, and of these, 88% are at least somewhat likely to consider a foreclosed property, according to the survey.

• 57% of U.S. adults ages 18-34 are at least somewhat likely to consider purchasing a foreclosed home, compared to a little less than one-quarter of those ages 55 and older (24%).

• Current renters (57%) are more likely to consider purchasing a foreclosed home than current homeowners (38%).

• One in two U.S. adults (50%) that are single/never been married are at least somewhat likely to consider purchasing a foreclosed property compared to 40% of adults that are married and 34% of adults that are divorced/separated/widowed.

• Nearly two out of three U.S. adults (65%) expect a discount of 30% or more when buying a foreclosed property. Respondents in the Northeast expected the biggest discounts, with 43% expecting foreclosed homes to be discounted by 50% or more.

• 95% of U.S. adults are willing to invest money in renovations when purchasing a foreclosed property. Additionally, 55% of respondents are willing to spend 20% or more of the purchase price to make improvements on a distressed property.