{"id":5857,"date":"2017-08-23T20:09:23","date_gmt":"2017-08-23T20:09:23","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/are-millions-of-boomerang-buyers-about-to-ignite-the-real-estate-market\/"},"modified":"2017-08-23T20:09:23","modified_gmt":"2017-08-23T20:09:23","slug":"are-millions-of-boomerang-buyers-about-to-ignite-the-real-estate-market","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/are-millions-of-boomerang-buyers-about-to-ignite-the-real-estate-market\/","title":{"rendered":"Are Millions Of Boomerang Buyers About To Ignite The Real Estate Market?"},"content":{"rendered":"

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Remember all those people who defaulted on their homes during the last housing<\/a> crisis? Well, those bankruptcies are about to be discharged, or they already have been, and that means we could soon see an avalanche of homebuyers hitting the market.
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Just what constitutes an avalanche? “More than 12.8 million homes entered the foreclosure<\/a> process – roughly 29 percent of all homes with a mortgage<\/a>,” between 2007 and 2014,” said The BIG Picture. “At the peak of foreclosures<\/a> in 2009, more than 650,000 homes, 1.5 percent of those with a mortgage, entered foreclosure in a single quarter.”
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According to CoreLogic, this is a key year for boomerang buyers because seven years have passes since the peak of foreclosures in 2010. A whopping “1.9 million homeowners who faced owner-occupied foreclosures between the start of the housing crisis in 2007 through 2010 will have met the seven-year period after which the Fair Credit Reporting Act requires derogatory information to be removed,” they said. “By the end of 2020, another 1.2 million homeowners who lost their homes to foreclosure between 2011 and 2013 will become eligible.”
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A new TransUnion Study Found that, “1.5 million homeowners negatively impacted by the mortgage crisis could re-enter the housing market in the next three years.”
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But do they want back in?
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Many think so.
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“The chief attraction is strong motivation, Kent Temple, broker\/owner of Keller Williams Realty – The Temple Team in Mooresville, N.C., said on Bankrate. “If you’ve been through a foreclosure, you’ve already been a homeowner. “You know what it’s about. You know the process. You’ve been through hell sometime in the last seven years, and if you really want to buy a house<\/a>, you are so willing to do whatever it takes.”
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But some aren’t so sure.
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“As those foreclosures began to clear, many observers speculated that a slew of \u2018boomerang buyers’ was poised to return to the housing market,” said The BIG Picture. “Those buyers have been slow to materialize. So what’s hindering their return?”
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Oh, little things like: \n<\/p>\n