2.5 Million Consumers Hit by Financial Crisis Ready to Reenter HousingNovember 1st, 2016 by lisasheppard
During the financial crisis of 2006 that lasted several years, millions of home owners were affected by a short sale or foreclosure. Several home owners have been able to re-enter the housing marketing after rebuilding credit. A short sale or foreclosure stays on consumer’s credit record for a total of 7 years. However, we are now entering a period where those who took a really significant hit to their credit will be able to once again enter the housing market as the short sale or foreclosure comes off their credit report. There are a total of 2.5 million consumers, called “boomerang” buyers.
In the coming years, boomerang borrowers will be a critical segment of the real-estate market. This is a promising trend for the housing market and spells good news for both demand and for potential home owners who are thinking of selling their home in the near future.