The housing market and the economy took a dive in 2008, where many Americans could no longer afford the mortgage payments on their homes. This resulted in a flood of housing inventory through short sales and foreclosures, with their occupants no longer able to buy based on their credit history. As we enter 2014, however, these “boomerang buyers” who are back to begin the home buying process again bring a new segment back to the real estate market. These recently released statistics show the impact these buyers can have on the overall economy.
- 79% of those who lost their homes are interested in buying again.
- 41% have incomes higher than when they first purchased.
- 63% report that their other debt obligations are lower.
- 46% report the desire to purchase in a lower price range than their foreclosed or short-saled home.
With these statistics, we can anticipate more of these boomerang buyers looking for homes this spring. If you qualify as a boomerang buyer, talk to a qualified Shorewest real estate agent or Wisconsin Mortgage loan officer about the home financing opportunities for you.