Buyers Wary of Foreclosed Homes

Turns out that nearly 7 in 10 American adults associate "negative aspects" with the purchase of a foreclosed home, at least according to a study recently released by Trulia.com.

You might assume, as I did, that this sentiment has to do with the unsettling notion of moving into a house that had—perhaps days earlier—been pried from the trembling arms of a broke, now-homeless family of five. (In my sympathetic daydream, the mom's name is Betty, and the dad's name is Gus. The middle child, Erica, is a big Cubs fan.)

Nope. Turns out that Americans are much more practical in the "negative aspects" they connect with home foreclosure.

From the study:

Of survey respondents mentioning negative aspects of purchasing a foreclosed home, 69 percent cited hidden costs; 35 percent considered the prospect risky; and 33 percent mentioned the possibility of the home losing value.

Despite these sentiments, more than half of American adults would consider buying a foreclosed home, according to the study.