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
Gen Z is living with their parents to save money. But it’s going to cost them, big time.
After graduating from college in 2021, Bethany Clark moved back in with her parents. She…
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…
CFPB Accuses Two of the Nation’s Largest Credit Repair Companies of Tricking and Cheating Customers
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against CreditRepair.com and Lexington Law…
Scamming Grandma: Financial Abuse of Seniors Hits Record
U.S. banks reported a record 24,454 suspected cases of elder financial abuse to the Treasury…
Nearly Half Of Millennials Feel Held Back By Credit Score
Is a bad credit score dragging you down? Almost half of millennials (46%) feel that…
3 straight months of highest-ever used-car prices
Following an 11-week “summer bounce” in Manheim Market Report prices, September ended up being the…