Boomerang Buyers Are Bouncing Back
Boomerang buyers, those who lost their home during the crisis due to short sale or foreclosure, are back in the market. In a new report from RealtyTrac, there are approximately 7.3 million boomerang buyers who will return to the housing market over the next eight years.
Why now? These former homeowners are beginning to pass the seven-year mark that is generally necessary to rebuild credit scores and become mortgage ready.
This year, more than 550,000 boomerang buyers who exited homeownership in 2008 could be eligible to re-enter the market; this number peaks to 1.3 Million in 2018 and drops off to 455,000 in 2022.
These buyers are not jumping back into the market in droves, but sales are increasing – most notably in areas hardest hit with foreclosures and where affordability remains strong.
Read more at CNNMoney.
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