Boomerang Buyers, They Are Back, Or Are They??

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Real Estate Agent with Allison James Elite CA. BRE 01501699

By Chris B Johnson Realtor,  It's been about nine years since the start of the U.S. foreclosure crisis, which peaked at 7.7 million houses in foreclosure in 2012.

With the passage of the years, once-distressed homeowners with restored credit are reentering the housing market, even though damaged credit profiles and lender rules will greatly restrict the overall share of those eligible to buy.

According to the National Association of Realtors, California, Florida, and Arizona, where the foreclosure crisis started, are expected to have the largest share of return buyers within the next decade.

Nearly a million of those former owners already have bought homes again, the Realtors group said. An additional 1.5 million are likely to become eligible and buy over the next five years.

Yet because of low credit quality, millions more will not be able to reenter in the coming decade, the Realtors said. That estimate was made after the association analyzed data on 9.3 million homeowners who underwent foreclosures, received deeds in lieu of foreclosure, or sold short between 2006 and 2014.

Are any of you Rainer's seeing any Boomerang Buyers? I have only had one so far!

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Rainmaker
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Chris - I really have not seen too many boomerang buyers that I have directly worked with. However, I do know that there are a few getting back into the housing market. I would imagine that we will continue to see more and more, as their credit gets cleaned up.

Jun 09, 2015 05:54 AM #1
Rainmaker
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Chris B Johnson REALTOR®
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

I do hope so, because many of them got caught up in the storm with out knowing all the damage it would do. Home ownership still is one of the biggest American Dreams!

Jun 10, 2015 11:45 AM #2
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Rainmaker
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Chris B Johnson REALTOR®

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Is it Too Late to Short Sell My Home??
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