Boomerang home buyers are coming back

Millions of Americans who lost their homes during the foreclosure crisis are now poised to become homeowners again.

That’s according to a new report from RealtyTrac, which estimates that 7.3 million so-called “boomerang buyers” will return to the U.S. housing market over the next eight years.Foreclosures and short sales skyrocketed after 2007 during the darkest years of the financial crisis and Great Recession. But with the economy gaining momentum and hiring picking up, many foreclosed on homeowners are in a position to buy again.

Half a million home buyers: Homeowners can recover from foreclosure in as little as three years, but seven years is the “conservative” amount of time it takes to rebuild a credit score, according to RealtyTrac. That means many homeowners who lost their homes in 2007 should be able qualify for a new home loan this year.

More than 500,000 people will fit this description in 2015, according to RealtyTrac. The number jumps to 1 million next year, peaks at 1.3 million in 2018, then tapers off by 2022.

A home in Vegas: RealtyTrac identified several markets with the most potential for boomerang buyers.

They include cities that were hit hard by the foreclosure crisis, but now have home prices that are affordable for the median homebuyer.

Las Vegas is arguably the epicenter for boomerang buyers. Several hard hit cities in California, such as Merced, Stockton and Modesto, are also prime candidates.

Retirement cities: Boomerang buyers are likely to be from either Generation X or the Baby Boom generation, according to RealtyTrac.

So cities that attract people nearing retirement age, like those in Florida, or metro hubs with jobs such as Chicago and Atlanta are on their list.

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About thenoelteam

As a Broker with RE/MAX Alliance, I work energetically for my clients whether they are a buyer or seller. I help you achieve your goal of owning a home or getting the best price for your home in the shortest time possible. After graduating from UCLA with a degree in communications and finance, I was licensed in 1977 and since then I have sold over 3600 properties amounting to over $1 billion in sales. I currently rank in the top 10 in home sales for Colorado. I offer the same quality of service and superior communication to all clients, ranging from starter homes to multi-million dollar estates, commercial and income properties, relocations and foreclosures My goal is to provide you with the best representation possible whether you are buying or selling. Over the years, one of the things that I've discovered is that there is a difference in the way individual Realtors do business. For me, I have always felt that honesty and personal integrity are the foundations upon which a successful business and career are built and sustained. I have an extensive background and knowledge base in real estate, including financing, which has enabled me to provide outstanding, quality advice and service not found with many agents today. My commitment to communication creates a positive relationship between my client and myself that results in a successful property sale or purchase. My passion for real estate, commitment to my clients and personal integrity has helped me to achieve success placing me in the top 1% of all brokers in nationwide. In my career, I have earned a number of awards and received considerable recognition for my success but the most significant recognition comes from the fact that over 75% of my business comes from past clients. My success is a true measure of my client satisfaction.
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