Some additional interesting fact from the National Association of Realtors (NAR) “Home Buyer and Seller Survey” for 2008.
The percentage of buyers who purchased a home in foreclosure jumped to 6 percent of transactions in the 2008 survey from 1 percent in 2007. Another 38 percent of buyers considered purchasing of a home in foreclosure but did not, primarily because they could not find the right home.
If you have read this blog for any time, you will remember some of my first posts about getting a deal at a foreclosure auction. I haven’t been to one in the last couple of months but I track enough sales to maintain my warning to buyers about doing your homework prior to buying a home in foreclosure. There are a few more true deals out there, but very often prices are full retail and there is no disclosure plus an onerous real estate contract much in favor of the seller/lender. Below are links for those wishing to read more:
http://www.napavalleyaddress.com/hello-world.html Can You Get A Deal At An Auction?
http://www.napavalleyaddress.com/caveat-emptor-the-continuing-saga-on-real-estate-auctions.html Caveat Emptor – The continuing saga on real estate auctions
Another interest survey fact:
The Survey shows that 81 percent of home buyers and 84 percent sellers used a real estate professional, comparable to 2007.
To obtain the data below, NAR mailed an 8 page questionnaire in August 2008 to a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008. It generated 10,053 responses.