Boomerang Home Buyers Are Coming Back

More than 500,000 people who succumbed to the foreclosure crisis should be eligible for a new home loan this year, and the number should jump to 1 million in 2016, according to a new report from RealtyTrac. Over the next eight years, about 7.3 million “boomerang buyers” will return to the housing market. Foreclosures and short sales skyrocketed after 2007. Some homeowners can recover from foreclosure in as little as three years, but RealtyTrac says a more realistic estimate is seven years. Markets that were hit hard by foreclosures and still have home prices that are affordable for the median home buyer have the most potential for boomerang buyers. Prime candidates include Las Vegas and California cities like Merced, Stockton, and Modesto. Also, boomerang buyers from Generation X could look to metros with jobs — like Chicago and Atlanta — while those from the Baby Boom generation could show more interest in retirement cities in Florida. | Read More