An emerging trend of "boomerang buyers" shows that former homeowners who lost their houses to foreclosure are getting back in the market.
While home foreclosure is often feared as one of the worst things that can happen to a homeowner, a new trend of "boomerang buyers" is bringing hope to foreclosed families and giving them the chance to own their own house again.
The Star Tribune, a local news publication, reports that former homeowners that suffered a foreclosure or bankruptcy have been working on restoring credit ratings and winning mortgage approval again, putting them back on the market for homeownership. This surge of so-called boomerang buyers is emerging from communities hit particularly hard by the housing collapse, and represents both a financial and psychological relief for families who have endured or are currently enduring the loss of their homes.
"People are starting to find out that they can get back into homeownership, and they're rebuilding their life, credit and equity," Re/Max agent Rebecca Brown told the source.
According to the Tribune, between 2005 and 2012, over 150,000 homes in Minnesota fell into foreclosure. But as the economy begins its slow upturn, with new jobs being added and incomes holding steady, former homeowners are finding that - with some penny pinching - they are eligible to apply for new mortgages and get back in the real estate market.
Currently, one in 10 home buyers this year have previously gone through a foreclosure, which is more than twice the rate of 2012. This is proof of the growing numbers of boomerang buyers and the ability of resilient former homeowners to own their own property again.
Families struggling in the face of foreclosure and in need some mortgage relief solutions are also encouraged to reach out to Help Share the Word. Our organization offers homeowners short sale lease backs that allow you to effectively hold onto your house. Contact one of our specialists today for more information.