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Past foreclosure? Millions of boomerang buyers ready to buy again

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Recently, the Wall Street Journal popularized a catchy name for people who have gone through the storm of a foreclosure or short sale and are now ready to buy a house again – boomerang buyers. According to the WSJ, 729,000 foreclosed borrowers are now eligible to apply for an FHA mortgage , up from 285,000 in the same quarter in 2011.

Many homeowners who have previously allowed a home to fall into foreclosure are ready to re-enter the housing market, according to a recent study by LoanSafe.org and YouWalkAway.com.. Nearly 80 percent of consumers who lost their homes during the financial crisis are interested in buying again, and 41 percent say their income is higher than when they first purchased a property.

A Final Note to Boomerang Buyers. While the above waiting periods and restrictions are detailed in the specific loan guides, each lender can make additional rules and may require longer waiting periods. The good news is that it is possible to buy again after foreclosure, but it will take some time.

According to the 2019 Home Buyer Report from NerdWallet, "Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again." This makes sense.

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"While millions of former homeowners reentering the buying market would have a significant impact on home sales, historical data shows a more gradual return rate for these so-called boomerang buyers, with less than half returning to homeownership even 16 years after the foreclosures were completed.

Boomerang buyers: More people who lost homes during housing crisis are. Of 2.8 million former homeowners whose foreclosures, short sales or. money away and started thinking about buying again last November.

A boomerang buyer is someone reentering the market after a foreclosure or short sale. According to this report , more than seven million buyers matching this description will purchase a home again in the next eight years-and 100,000 of them will come from our local market area.

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