Foreclosures Lose Stigma, Attract Buyers

Americans are much more willing to consider buying a foreclosure than in the recent past, according to a new survey by online real estate site Trulia.
May 21, 2009, 1pm PDT | Tim Halbur
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"Clearly, 'consumers are more interested than ever in buying a foreclosure,' said Pete Flint, Trulia's co-founder and CEO, during Wednesday's news teleconference, calling the findings 'good news for the economy.'

In one way, that's true. As Flint noted early in the call, '[f]oreclosures are very much at the heart of this housing crisis and the key to the housing recovery.'

But the volume of and pricing on properties also represent a serious obstacle to builders trying to sell their new homes for a decent price. 'More than 50% of what is moving today is distressed property,' Rick Sharga, senior vice president of RealtyTrac, said during the conference.

Such houses do generally sell for less than most new homes, and based on the survey results, buyers continue to search for super bargains, particularly on foreclosures."

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Published on Wednesday, May 20, 2009 in Builder Magazine
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