The Risk in Buying Foreclosure Homes
Survey About The Risk in Purchasing a Foreclosured Home - More than half of U.S. adults would consider purchasing a foreclosed home, though a much larger percentage believe there are negative aspects to such purchases, such as hidden costs, the potential for value declines and other risks, according to a survey.

The Risk in Buying Foreclosure Homes About 69% respondents, produced by Harris Interactive Survey for real estate search and marketing company Trulia, said they feel there are negative aspects to purchasing a foreclosed home, while 54% said they are at least somewhat likely to consider purchasing a foreclosure.

The online survey was conducted from April 23-25, 2008 among 2,033 U.S. adults 18 and older, and the results were weighted as needed for region, age within gender, education level, household income, race and ethnicity, and propensity to be online, Trulia reported.

Of those respondents who feel there are negative aspects to buying a foreclosed home, 48% cited the potential for hidden costs while 24% cited the loss of value and 23% said the process is risky.

About 69% of adults 18-34 are likely to consider purchasing a foreclosed home versus 32% of those 55 and up. Male respondents (57%) are more likely to consider a foreclosure purchase than female respondents (51%), the survey also found.

But about 74% of those 18-34 feel that there are negative aspects of purchasing a foreclosed home, compared with 66% of those 35 and up.

Never-married single adults (60%) were more likely to consider a foreclosure purchase than married, divorced, separated or widowed adults (50%), the survey revealed.

Not all respondents were clear on the definition of a foreclosure, though, with 19% of respondents 18-34 incorrectly stating the definition and 14% responding that they "don't know" the definition.