As foreclosures increase, fewer people willing to buy them

From The Wall Street Journal:

Foreclosures have long been labeled a bargain hunter’s dream and reducing the swelling count is a key part of housing’s recovery. But a new Harris Interactive survey released Tuesday shows decreased enthusiasm for buying foreclosed properties amid concerns about aspects ranging from hidden costs to falling home values, delivering yet another blow to a crippled sector.

“What’s significant about our findings is that just as the market is being flooded with more foreclosures, homebuyers are more hesitant to buy them,” said Pete Flint, co-founder and chief executive of Trulia.com, a real-estate search engine that released the study with foreclosure tracker RealtyTrac.

The survey shows 47% of adults surveyed, saying in November they would consider purchasing a foreclosed home, down from 54% in April. Meanwhile, 80% now express concern about the negative aspects of buying a foreclosed home, up from 69%.

Buying a foreclosure can be a hassle-filled process. Real-estate agents estimate about half of foreclosed properties to be sold by mortgage companies nationwide have substantial damage, The Journal reported earlier this year (”Buyer’s Revenge: Trash the House After Foreclosure“).

As Michael M. Phillips wrote, foreclosed homes were found with all sorts of problems, from missing pipes and appliances to damage done by previous owners upset losing their homes. Mr. Phillips described holes punched in walls, paint dumped on carpets and pets locked inside “to wreak further havoc.”

Some people lock their pets in the homes, which will likely kill the pets?! The fact that so many full-grown adults will trash their homes before being evicted simply demonstrates that rather than being victims, they are often selfish, irresponsible people who don't deserve our sympathy.