First Home Buyers Out in Droves, Foreclosures Snapped Up

Fifty-five percent of U.S. adults would consider buying foreclosed properties, according to a survey.

Insta-Green USA owner Dave Milligan (R) and Bruce Cooney trim dead grass and weeds before dying the lawn green of a foreclosed home to blend with the green lawns of the rest of the neighborhood May 15, in Perris, California. David McNew/Getty Images

NEW YORK—Fifty-five percent of U.S. adults would consider buying foreclosed properties, according to a survey released by RealtyTrac and Trulia on Wednesday. It is welcome news for the housing crisis that sees a 12-month inventory of homes on the market—up from an average five-month stock.

“Foreclosures are at the heart of the housing crisis,” said Peter Flint, CEO and co-founder of Trulia. The multi-listing site currently has almost 3.5 million homes for sale.

“Consumers are more interested than ever in buying foreclosures,” he said. “First time home buyers have some money, have stable jobs, they have been sitting on the sidelines waiting.This is a way for them to get on the first rung of the housing ladder.”