Over the next five years, the housing market will see around 1.5 million eligible return buyers jump back into home ownership. These return buyers, nicknamed ‘boomerang buyers,’ lost their homes during the housing crisis, and they’ve restored their credit and are ready to impact housing again.
Since 2006, 950,000 of these former owners have already purchased a home again, and boomerang buyers will continue to be an important market for real estate professionals to target.
“Now fueled by a gradually improving economy and the strong rebound in home prices, some of these former distressed owners have returned to the market, and more will likely become eligible in coming years,” says Lawrence Yun, chief economist with the National Association of REALTORS®.
