The tax credit made available from the government may have spurred you to purchase a home.
And in doing so, you would probably want to look at the best deal in order to increase your savings. As a result, properties in foreclosure may appeal to younger buyers, as they tend to be less expensive than their counterparts.
That thought seemed to find some footing during the first quarter of this year, according to a recent report from RealtyTrac, a company that keeps tabs on foreclosures. The firm said that of all home sales, foreclosures accounted for 31 percent of purchases. Meanwhile, the price of those properties was about 27 percent lower than regular listings.
"The average sales prices on properties in some stage of foreclosure decreased 23 percent from 2006 to 2009 while the average discounts on foreclosure purchases steadily increased from 21 percent in 2006 to 27 percent in the first quarter of 2010," the company said.
Although foreclosed properties may provide financial incentives for purchasing a home, you may still find it difficult to get the funds together to validate buying. However, the federal government does offer a number of programs for lower-income buyers, which may make that prospect more attainable.