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.
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