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Changes in Attitudes

New surveys indicate changing attitudes toward purchasing bank owned properties.  Online surveys by and RealtyTrac found that 45 percent of U.S. adults said they are at least “somewhat likely” to considering purchasing a bank owned home in the future compared with 55 percent in May 2009.  On other questions, only 1 percent of homeowners with a mortgage say they would choose to walk away from their homes as a first choice if they were unable to pay their mortgages.  Significantly, for homeowners whose home values had declined below the principal balance owed, 41 percent would at least consider abandoning their homes; 59 percent would not, no matter the circumstances. 

While fewer people say they would consider buying a bank owned home, negative attitudes toward buying bank owned houses declined from 85 percent to 78 percent.  Concerns were about hidden costs, the risky process and further decline in value. 

Considering the low percentage of bank owned properties available in the Las Vegas valley – 1848 out of 9869 available listings – interest in and competition for these properties remains strong.

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