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A survey conducted by real estate search engine Trulia.com and research firm RealtyTrac says that forty-seven percent of U.S. adults would probably consider buying a foreclosed home and eighty percent were worried with the uncertainties involved in purchasing foreclosure homes.

More than 75 percent of buyers believe that they should have a 25 percent discount on foreclosed home while the third of this insist a 50 percent discount, all according to the survey.

There is actually an estimated 2.25 million U.S. homes that will be foreclosed this year, according to the U.S. Federal Deposit Insurance Corp and Federal Reserve and as a result of this, builders of new homes will compete with foreclosure homes.

This October’s sales indicated a 45 percent “distressed” sales, either it could be short of sales or it could be because of the prices is less than the outstanding loan, or foreclosures.

Spokesman Brent Anderson of Meritage Homes Corp hopes that this survey is true since this mean that majority of the buyers are more interested in buying new homes than the foreclosed ones. But Anderson also explained that although most buyers avoid buying foreclosure properties, the publicity of the low prices asked for these foreclosures, results to the buyers caving in and buying.

Stuart Miller, a chief executive officer of Lennar Corp even explained that because the homebuilding world is now dominated by foreclosures and they are even coming faster and more furiously than in the past, buyers think that they have a good deal with these foreclosed properties.

Another reason that can be found with this eagerness with foreclosure properties is the vast extent of housing decline and there is only a little number of buyers compared to six months ago.

This online survey on foreclosures was conducted for Trulia.com and RealtyTrac was done by Harris Interactive from November 11 to November 13 involving 2,033 U.S. adults.

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The local government of Fort Wayne City has taken the time to allot $7 million of its federal money to manage nearly 4,000 foreclosure properties in their area. City Mayor Tom Henry said that Fort Wayne plans to buy out or demolish foreclosed homes to improve its neighborhood.

The $7 million budget that the city plans to use came from the $4-billion national fund for federal Housing and Economic Recovery Act. The said bill was approved July of this year.

Residents of the city can read the plans for the said properties at Fort Wayne’s official website www.cityoffortwayne.org. Comments about the plans are welcomed by the city until the 24th of November this year.

As expected, not all abandoned and foreclosed homes in the city are up for demolition. Director of Community Homes John Urbahns said that assessments on the units are still underway. Units that are fairly solid homes will be spared. This is also to reinforce the city’s plan to attract developers to rehabilitate foreclosure properties. The said rehabilitation is said to lure buyers looking for repossessed houses.

Concerns on foreclosures came after an alarming report about mortgages in the city. Mortgage lenders and servicing agents are reported to have foreclosed almost 3,665 properties from 2006 to 2008 alone. In 2006, Allen County is reported to have had 1, 156 foreclosed mortgages-a number that is perceive to increase at the end of 2008.

However, the said plans have yet to take place soon. The local government has deemed it necessary to first assess if the allotted budget would suffice for the said programs on foreclosed and abandoned properties.

Asked if he thinks that the city will be owning new houses soon, Mayor Henry has an answer to offer. He said that the city is just finding alternative ways to encourage investors in developing and renovating the increasing number of foreclosures in their area—an obvious attempt to refurbish Fort Wayne’s old housing stock.

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