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Buyers Returning to Housing Market Ready, Willing, and Able?

Monday, April 20, 2015

There are 9.3 million former homeowners who were displaced by foreclosures, short sales, and deeds in lieu of foreclosure between 2006 and 2014.  Do they constitute a potential market that could drive demand for new and existing homes over the next decade?  The National Association of Realtors® (NAR) has just released a study of that pool and their findings that many of them are already homeowners again and many others will never return to homeownership.

To date, nearly a million of these former owners have returned to the market and many more of these "return buyers" (also referred to as "boomerang buyers") are already qualified, but waiting.  Overlays and credit impairment have held a significant number back and could impact thousands more potential return buyers in the coming years.

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