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!