Foreclosures are bad news for neighborhoods. That's because they tend to bring down the sales prices of the homes surrounding them, even those residences not in foreclosure. ... A lower-priced foreclosure could help buyers find homes in neighborhoods that they otherwise couldn't afford.

Is it good idea to buy foreclosure house?

Buying a foreclosed home can be a good idea if you have the financial cushion to absorb any potential problems. If you aren't worried about there being potential issues or the cost to repair them, then buying a foreclosed property is likely a worthwhile investment for you.

What are the cons of buying a house in foreclosure?

Drawbacks Of Buying A Foreclosed Home

Increased maintenance concerns: Some homeowners have no incentive to maintain the home's condition when they know they're going to lose their property to foreclosure. If something breaks, the homeowner won't spend money to fix it, and the problem could get worse over time.