REALTOR.com just completed a quarterly national homeownership survey that uncovered interesting findings that may be useful to know:
• 76.4% of consumers think a median-income family can only afford 50% or fewer of the homes for sale in their area. In reality, a family earning the national median income can afford nearly 75% of the homes for sale today on Realtor.com.
• 20.1% who say they or someone they know may be facing foreclosure haven't taken steps to resolve their situation, while 22.4% haven't taken steps but plan to before the Administration's refinance program expires next year.
• While 66.3% of respondents said they aren't likely to consider buying a foreclosure, 23.9% of buyers would consider purchasing a foreclosure if sellers would pay closing costs and 19.5% would purchase a foreclosure if there was higher certainty related to home repairs required to make the home "move-in" ready.
My comments on these findings: