Over the past several years, 1.5 million homeowners suffered financial hardships that caused them to be unable to continue down the path of owning a home. Some of those homeowners are about to become eligible to purchase real estate again – and are being affectionately being referred to as a “boomerang buyer.” If you are one of those homeowners who was negatively impacted by the real estate crash – and you want to know if you can buy a home again – give me a call and I can recommend a fabulous mortgage professional to help you answer that question.
TransUnion recently released the results of a new study titled “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners that were negatively impacted by the housing crisis could re-enter the housing market in the next three years.
TransUnion defined “negatively impacted” as…
“…those who were 60+ days past due on a mortgage loan, lost their mortgage through foreclosure, short sale or other non-satisfactory closure, or had a mortgage loan modification between the Bubble and Burst.”
Other interesting findings in the study:
- During the mortgage bubble in 2006, 78 million consumers, or 43% of credit-active consumers in the U.S., had a mortgage
- More than 8% of these consumers were “impacted”
- 5 Million consumers will again be eligible for a mortgage in the next four years
Here are the numbers of consumers who will meet mortgage guidelines over the next four years:
If you are a family that experienced the impact of the last housing crisis, now may be the right time to again buy your own home.