From C.A.R. Newsline “Nearly 60 percent of homeowners not willing to walk away”

Taken in total from the California Association of Realtors newsletter, Newsline:

Nearly 60 percent of homeowners with a mortgage say they would not consider strategically defaulting on their home regardless of the amount they still owe, according to an ongoing survey tracking home buyers’ attitudes toward foreclosures.  The survey, conducted by Trulia.com and RealtyTrac, also found 45 percent of U.S. adults age 18 and older are at least somewhat likely to consider purchasing a foreclosed home in the future, compared with 55 percent a year ago.

The survey also found the likelihood to consider purchasing a foreclosure decreases with age: 65 percent of renters ages 18-34; 63 percent of renters between the ages of 35 and 44; and 54 percent of renters ages 45-54 said they are at least somewhat likely to consider purchasing a foreclosure, compared with 31 percent of renters 55 years and older.

Nearly 20 percent of U.S. adults expect bank-owned homes to offer a realistic price discount of less than 25 percent off the value of a similar home that was not in foreclosure. However, 36 percent say they expect to receive a discount of 50 percent or more when purchasing a bank-owned property, according to the survey.