According to a poll of 140,000
LoanSafe.org members, boomerang buyers – who were ousted from the
housing market due to foreclosures or short sales, spent years renting
to rebuild their credit, and have saved enough to buy again – are now
expected to help turn the real estate market around.
These buyers could flock to the market at the same time that
investors and retirees pull back, as new government programs aim to help
consumers with bankruptcies or loan defaults become homeowners again,
sooner than they would have otherwise.
Jon Maddux, LoanSafe.org co-founder, says boomerang buyers in markets
across the nation are showing interest in getting back into
homeownership, with almost 80 percent of poll respondents who lost homes
during the crisis interested in buying again.
Moreover, 41 percent of respondents interested in re-entering
homeownership have higher incomes than during their first purchase; 63
percent have lower debt obligations; 46 percent plan to purchase in a
lower price range; and 50 percent expect to make at least a 10 percent
down payment.
Source: "Boomerang Buyers Could Be Key to Real Estate Market in 2014" Sarasota Herald-Tribune (12/30/13)