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Who's Afraid of Foreclosure?

Real estate powerhouse Trulia commissioned a good and proper Harris poll to find out just how frightened home buyers are at the prospect of purchasing a foreclosed property. The survey was conducted over a three day period in April; findings are as follows:

· 69 percent of U.S. adults are a bit skittish about purchasing a foreclosed home (and really, who can blame them given the— ahem— massive media hype surrounding the mortgage crisis.) Fears: 69 percent cite hidden costs, 35 percent risk, and 33 percent fear a drop in home values.
· However, more than half would at least consider it— or thing about thinking about it.

Cribbed straight from the press release— hey, we're not gonna lie about it:

· Single/never married adults (60 percent) are more likely to be at least somewhat likely to consider purchasing a foreclosure versus married (50 percent) or divorced/separated/widowed adults (50 percent).
· Male respondents are more likely to be at least somewhat likely to consider purchasing a foreclosed home compared with female respondents (57 percent versus 51 percent).
· Younger adults (18-34) are more than twice as likely to be at least somewhat likely to consider purchasing a foreclosed home than U.S. adults ages 55+ (69 percent versus 32 percent).
· Respondents with children in the household are more likely to be at least somewhat likely to consider purchasing a foreclosed home versus those who have no children in their household (66 percent versus 50 percent).
· About three out of every four U.S. adults aged 18-34 feel that there are negative aspects of purchasing a foreclosed home (74 percent) versus two-thirds (66 percent) of U.S. adults aged 35 and older.
· 20 percent of U.S. adults said that having a personal connection with someone who lost their home to foreclosure is a negative aspect of purchasing a foreclosed home.
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Trulia commissions Harris to gauge consumer sentiment about purchasing a foreclosure [Trulia blog]

Trulia, Inc

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