According to a survey conducted by Harris Interactive, an online company that tallies research figures, the amount of people that would be interested in buying a foreclosed home is dropping. South Florida has been one of the hardest hit regions in the country during the mortgage crisis; Miami, Florida was ranked at #4 according to Fortune Magazine for the Top 10 Worst Real Estate Markets and during the month of November in Broward County alone, 6,801 homes were in the foreclosure process.

Hope Now, is working on modifying currently distressed mortgages and claim that 2.2 million homeowners will receive some form of help this year to keep them out of foreclosure. However, over 50% of the homeowners that were 'rescued' in the early parts of 2008 defaulted anyway within 6 months, which leads me to believe the modifications are definitely faulty.

It would seem to me, that with housing permits falling more than 15% and with the number of distressed properties on the rise at the moment, buying a foreclosed home may be the best or only choice for a potential homebuyer. A majority of these foreclosed properties are a direct result from the adjusted-rate mortgages that were purchased during the 2000-2006 real estate boom, that ultimately were hit with a much higher interest rate when the economy began to collapse.

So, why is that these foreclosed homes seem so unattractive to potential homebuyers at this time? Most of the homes are only a few years old and its not like the price isnt right