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.
"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."
FULL STORY: Buyers Increasingly Willing to Purchase Foreclosed Homes

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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

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Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
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LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
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