Practically every news organization, including Chicago Public Radio, cites foreclosure statistics from RealtyTrac.‚  And if you are like me, you have probably wondered Just who are these RealtyTrac people? American Public Media’s Marketplace interviewed RealtyTrac CEO Jim Saccacio and Vice President Rick Sharga to find out—among other things—how the company’s foreclosure reports got started.‚  Turns out the reports began as a way to “credentialize” the company’s real business priority:‚  listing foreclosed properties on its web site. ‚  You can read the transcript or listen to the story here. From that story, I found particularly interesting this comment from Rick Sharga.

“I think what’s changed dramatically and maybe permanently in the real estate market, is I don’t think we’ll have another generation of home buyers anytime soon that doesn’t at least consider a foreclosure or a bank property when they’re out on the market. And that simply wasn’t true a few years ago.”

I have a couple of friends who purchased a bank property for their first home.‚  I’ve heard several others talking about it.‚  Have you purchased a foreclosed home?‚  How was the experience?‚  Add your thoughts to the comments section below.