Since 2007, it’s estimated that more than 4.7 million home owners lost their home to foreclosures or short sales. These “boomerang buyers” are becoming a growing force of home buyers again. Their time out of the market may be shorter than many Americans might expect,” USA Today reports. “People who go through foreclosure can rebuild credit records and qualify for home loans again in three to seven years if they manage their finances well.”
“Most will likely return to home ownership in about eight years of their short sale or foreclosure,” John Burns Real Estate Consulting estimates . The housing downturn started about six years ago, so this could be the first big year for boomerang buyers. We’re already seeing this in the Antelope Valley with the current shortage of listed properties. Read more…
Source: “Boomerang buyers bring muscle to rebounding housing market,”
USA Today (April 1, 2013) By: Julie Schmit
