More people who lost homes to foreclosure or short sale during the housing crisis may be looking to buy again now or in the near future. The trend could enable millions of “boomerang buyers” to build wealth again through homeownership and potentially buoy the slowing housing market. Moody’s Analytics economist Kwame Donaldson says, “I think the next phase of the housing recovery will be partly driven by people in the prime age group” of 35 to 64 who have been hesitant to buy again after losing homes in the crisis. According to an Experian study, 11.5 percent of the 2.8 million former homeowners whose foreclosures, short sales, or bankruptcies dropped off their credit reports between January 2016 and November 2018 have obtained a new mortgage. More than half of the remaining 2.5 million, meanwhile, had prime or super-prime credit scores in November.
Similar Posts
Would you pay for your own paycheck? Wage access apps think so
The growing popularity of wage access apps is the newest symptom of America’s shortcomings. It…
Small Mortgages Are Getting Harder to Come By
Attom Data Solutions reports that small mortgages are becoming scarcer for low- and middle-income homebuyers….
Experian study finds most millennials need to improve borrowing behaviors before homebuying
Experian®, the world’s leading information services company, released a study today that highlights the borrowing…
Senate Looks to Fix ‘Broken’ Credit Reporting System
The Senate Committee on Banking, Housing and Urban Affairs held a hearing yesterday on the…
Young adults turn to personal loans for debt, wedding and moving expenses
Kyle Littleton, 26, wanted to get rid of nearly $4,500 in credit card debt. The…
Borrowing Costs Climb Along With Fed Rate Increases
Borrowing costs for consumers have risen as the Federal Reserve continues to tighten monetary policy….