Boomerang Home Buyers Poised to Return to Market with a Roar
TRINITY, Fla. (AP) — Seven years after the real estate bust in the U.S., many people who lost their homes have rebuilt their credit and are jumping back into the market.
Called "boomerang buyers," experts say this group will be an important part of the real estate market in the coming years. About 700,000 of the 7.3 million homeowners who went through foreclosures or short sales during the bust have the potential to get a mortgage again this year.
A Realty Trac report earlier this year predicts Phoenix and Miami will see the most boomerang buyers. The Tampa area is in the top 10 cities. In some markets, such as Las Vegas, as many as quarter of homes could be bought by boomerang buyers.