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After Foreclosure Or Short Sale Boomerang Buyers Are Finally Able To Own A Home Again
Between 2007 and 2010, the United States faced the worst foreclosure crisis in recent memory. Nearly 7.3 million homeowners lost their home to either short sale or foreclosure. Today, however, many of those homeowners are starting to reenter the housing market. These buyers, known as “boomerang buyers,” are poised to reenter the market in great numbers over the coming years.
When the housing bubble burst in 2008, home prices went into free fall. Millions of homeowners suddenly found themselves underwater, owing than their homes were worth. To make matters worse, the housing crash ushered in the economic recession. The result was a disastrous 1-2 punch for homeowners nationwide. Millions lost their homes to foreclosures, millions more were forced to sell their home through a short sale.
After a short sale or foreclosure, it takes up to 7 years to become eligible to own a home again. This year, the first big wave of homeowners hit by the foreclosure crisis are eligible to own a home again. In fact, each month 12,500 homeowners who lost their home to foreclosure reenter the market!
Owning a Home in the Future
Losing a home to foreclosure or short sale is traumatizing, and after such an event, many people understandably don’t want to return to the housing market. However, with rent prices rising across the country, many are beginning to take advantage of low mortgage rates to buy again and lower their monthly payments.
According to a recent article by Trulia, buying a home is 36% cheaper than renting nationwide on average. That’s enough to make many reconsider renting! What’s more, homeowners often have a much larger net worth than renters.
With rent prices continuing to increase and mortgage rates remaining at near record lows (Freddie Mac reported an average of 3.43% for a 30-year fixed rate mortgage in August), this gap is likely to only grow. If you’re thinking of buying again, it could certainly make financial sense!
I have a report that dives into this topic in depth. You can access it from my website here: http://hosted.cdpe.com/103530. After reading, contact me if you have any questions or want to explore your options!