Over the next eight years, RealtyTrac reported that 7.3 million potential boomerang buyers could enter the housing market. Boomerang buyers are “homeowners who lost their home to foreclosure or short sale during the foreclosure crisis and are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home.” According to RealtyTrac’s data, 2015 could see as many as 551,359 boomerang buyers enter the housing market with the numbers gradually increasing to a peak in 2018, at 1,324,803 boomerang buyers, and tapering off into 2022.
Metropolitan statistical areas (MSAs) with populations over 250,000, and hit the hardest during the housing crisis, will have the most potential boomerang buyers. RealtyTrac indicated that the markets where the most boomerang buyers will materialize will be in those MSAs where “current home prices are still affordable for median income earners and where the population of Gen Xers and Baby Boomers – the two generations most likely to be boomerang buyers – have held steady or increased during the Great Recession.”
In the Boise City-Nampa, Idaho MSA, RealtyTrac showed the Gen X and Baby Boomer population only changing by 7.81% from 2007 to 2013. From 2015 to 2022, 11,523 potential boomerang buyers in the area could return to the market. To read more, visit http://bit.ly/1CA48KK.