House Buyers Adopting Different View of Purchase

New York, NY, Nov. 29, 2010 -- House shoppers are being forced to accept a more traditional view of a real estate purchase as a savings account than as an investment, according to a story by Bloomberg News.

That represents a switch from how many owners thought during the last couple of decades of surging home prices and easy money.

The new housing climate is likely to keep a lot of real estate investors who try to turn properties quickly out of the market, according to the Bloomberg story.

In addition, major banks are having trouble restarting the foreclosure process after this fall's paperwork scandal, and the thriving market for foreclosed homes has been hit hard, according to ForeclosureRadar.

For example, the number of properties coming to auction in Arizona, California and Nevada has dropped more than 30%.

Real estate investors "flippers" are concerned that homeowners will be more aggressive in fighting foreclosures even after the auction sale, according to ForeclosureRadar.