More buyers interested in foreclosed properties, survey finds
Most respondents said they are concerned that major lenders will release backlogged foreclosures onto the market and bring down values in their markets.
Interest in purchasing a foreclosed property has more than doubled in the past 2 1/2 years even as the U.S. available inventory shrinks, according to a Realtor.com survey released Wednesday.
The share of buyers who say they're likely to purchase a foreclosed home jumped to almost 65 percent from 25 percent in October 2009, according to the telephone poll by Realtor.com, the National Association of Realtors' website.
U.S. foreclosure filings fell to a five-year low last month as lenders sought to avoid repossessing properties and a housing recovery showed signs of taking hold. Almost 56 percent of survey respondents said they are concerned major lenders will release backlogged foreclosures onto the market and bring down values in their markets.
The survey of 1,004 adults was conducted from May 4 to 6 and has a margin of error of 3 percentage points.