About 6 million people, over the next 5 years, can buy a house again – due to disappearing bankruptcies; Housing market inventory will remain tight for years to come; What is a Boomerang Buyer? A Boomerang Buyer refers to those who previously owned a home and lost it for a number of reasons but are now rejoining the homeowner market.
About 1.9 million of the 3.1 million home owners who were. Arizona is a leader in boomerang buyers, with about 32% of its foreclosed home owners. lenders that had completed foreclosures to timely put those homes back on the market.. Fannie Mae and Freddie Mac confirmed last year that they were.
Boomerang buyers return to market after foreclosure. NEW york (cnnmoney) borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac.
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Boomerang Buyers: Don't Be Afraid to Buy a Home Again!. “Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit.. Home Buyers are Optimistic About Homeownership!
Many homeowners who have previously allowed a home to fall into foreclosure are ready to re-enter the housing market, according to a recent study by LoanSafe.org and YouWalkAway.com.. Nearly 80 percent of consumers who lost their homes during the financial crisis are interested in buying again, and 41 percent say their income is higher than when they first purchased a property.
According to CoreLogic, this is a key year for boomerang buyers because seven years have passed since the peak of foreclosures in 2010. A whopping "1.9 million homeowners who faced owner-occupied foreclosures between the start of the housing crisis in 2007 through 2010 will have met the seven-year period after which the Fair Credit Reporting Act requires derogatory information to be removed," they said.
Some of these former home owners are venturing back into the housing market to see if they can buy home after having a couple years beyond their short sale or foreclosure. These buyers are often referred to as "Boomerang Buyers" and many are eager to start over and buy a home again.