A recent survey suggests that home buyers view properties in foreclosure unfavorably. This time last year people were looking for rock bottom deals to couple with their federal tax incentives but now that the tax incentive is nearing its completion, the housing inventory is still increasing while the number of buyers is decreasing.
The reason for the change of heart? Many buyers are concerned about the decreasing property values and the risk of buying a home in foreclosure. There are also the time and money elements involved: purchasing a foreclosure at auction takes time just as it will take time to complete renovations to the property.
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