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
Millennials and Gen Z Have Lowest Credit Scores of Any Generation
Millennials have some of the worst credit ratings, a new Experian report finds. FICO scores…
Credit Card Interest Rates Surge Over 17 Percent for the First Time Ever
The average variable rate across credit cards tracked by Bankrate surpassed 17 percent for the…
One Simple Way to Reduce Your Risk of Late Payments on Personal Loans
According to a study of more than 400,000 Sallie Mae clients, including borrowers’ credit scores…
More People Are Now Checking Their Credit Scores
A new poll of more than 1,000 consumers finds that about 57 percent have checked…
Commentary: Revisiting Small Loans Rules Crucial to Maintaining Access to Credit for Vulnerable Consumers
In considering reforms to the small-dollar loan industry, lawmakers must tread carefully to avoid limiting…
FHA is making more mortgages available to applicants with risky debt profiles
Is it easier today for home buyers with a high debt ratio and subpar credit…