More than half of U.S. adults would consider purchasing a foreclosed home, though a much larger percentage believe there are negative aspects to such purchases, such as hidden costs, the potential for value declines and other risks, according to a survey released today.
About 69 percent of respondents in the poll, produced by Harris Interactive Survey for real estate search and marketing company Trulia, said they feel there are negative aspects to purchasing a foreclosed home, while 54 percent said they are at least somewhat likely to consider purchasing a foreclosure.
The online survey was conducted from April 23-25 among 2,033 U.S. adults 18 and up, and the results were weighted as needed for region, age within gender, education level, household income, race and ethnicity, and propensity to be online, Trulia reported.
Of those respondents who feel there are negative aspects to buying a foreclosed home, 48 percent cited the potential for hidden costs while 24 percent cited the loss of value and 23 percent said the process is risky.
About 69 percent of adults 18-34 are likely to consider purchasing a foreclosed home versus 32 percent of those 55 and up. Male respondents (57 percent) are more likely to consider a foreclosure purchase than female respondents (51 percent), the survey also found.
But about 74 percent of those 18-34 feel that there are negative aspects of purchasing a foreclosed home, compared with 66 percent of those 35 and up.
Never-married single adults (60 percent) were more likely to consider a foreclosure purchase than married, divorced, separated or widowed adults (50 percent), the survey revealed.
Not all respondents were clear on the definition of a foreclosure, though, with 19 percent of respondents 18-34 incorrectly stating the definition and 14 percent responding that they "don’t know" the definition.
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