People are more interested than ever in buying foreclosures, according to a survey by Move (the company that runs Realtor.com).
Since October 2009, the number of potential homebuyers who think it’s likely they’ll buy a foreclosed property has jumped from 25.3% to 64.9% — an increase of 159%. (Oddly, and suggesting questionable math skills, the headline for this story is “Demand for Foreclosures Triples Among Homebuyers.”)
And those buyers are looking for a home to live in: 92.1% plan to live in the foreclosure they purchase, and only 6.9% see it as an investment. (The remaining 1 percent want to live in the foreclosed home they purchased, but fear being plagued by the ghosts of the former occupants.) For comparison, back in 2009 about 13.2% were looking for an investment.
“This suggests the stigma once associated with buying a foreclosure as a home has faded,” says the company, “and significant demand among potential owner occupants has developed.”
There are about 1.5 million foreclosed homes for sale in the U.S., according to Move, and foreclosure activity has declined 34% in the past year.