There is a seven-year window for some past Naperville homeowners—and it’s one that’s opening, not closing. The ‘window’ in question is the one that could activate Naperville “Boomerang Buyers”—which would come as good news for the local home sales.
Some background about Naperville Boomerang Buyers. It’s a term coined in the wake of the subprime mortgage fiasco, describing those burned by the housing crisis. They were, on the whole, Baby Boomers and GenXers who were caught up in the Great Recession. For many who became enmeshed in the effects of the nasty confluence of the cliff-dive of the subprime mortgage bond market and collapse of residential valuations that swept the nation, foreclosures or short sales became, literally, offers they couldn’t refuse. Not only did the bitter aftertaste leave many with a spoiled appetite for homeownership, but the damage done to the credit ratings of millions made that a moot point: they had fallen off the scale when it came to qualifying for a new mortgage.
But that was then; this is now. It’s a now that, in RealtyTrac Newsroom’s breathless phraseology, “the first wave of…homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven year window they conservatively need to repair their credit and qualify to buy a new home.”
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