Foreclosed Home Owners Return to Market
January 3, 2014
According to a poll of 140,000 LoanSafe.org members, boomerang buyers – who were ousted from the housing market due to foreclosures or short sales, spent years renting to rebuild their credit, and have saved enough to buy again – are now expected to help turn the real estate market around.
These buyers could flock to the market at the same time that investors and retirees pull back, as new government programs aim to help consumers with bankruptcies or loan defaults become homeowners again, sooner than they would have otherwise.
Jon Maddux, LoanSafe.org co-founder, says boomerang buyers in markets across the nation are showing interest in getting back into homeownership, with almost 80 percent of poll respondents who lost homes during the crisis interested in buying again.
Moreover, 41 percent of respondents interested in re-entering homeownership have higher incomes than during their first purchase; 63 percent have lower debt obligations; 46 percent plan to purchase in a lower price range; and 50 percent expect to make at least a 10 percent down payment.
Source: "Boomerang Buyers Could Be Key to Real Estate Market in 2014" Sarasota Herald-Tribune (12/30/13)
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Updated: July 10, 2020