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Survey: Foreclosures seen as bargains

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A growing number of would-be homebuyers see foreclosed homes as bargains and are willing to consider purchasing one, according to an online survey conducted by Harris Interactive for Trulia Inc. and RealtyTrac Inc. Among the 2,397 adults surveyed between May 1-5, 40 percent said they would expect to pay at least 50 percent less for a foreclosed home, compared with 31 percent of those surveyed in a previous survey in November.More than half (55 percent) said they were at least "somewhat likely" to consider purchasing a foreclosed home, compared with 47 percent in the last survey.But 85 percent also see potential pitfalls in buying foreclosures, with 71 percent of that group citing hidden costs as their top concern, 46 percent saying the process is risky, and 31 percent harboring worries that a foreclosed home will lose value.Those surveyed expected large discounts on foreclosed homes, with 83 percent saying they would anticipate paying at least 25 percent less.Sellers of nondi...