Experts Predict A Homebuyer Boomerang In The Next 5 Years

The experts at credit bureau Transunion studied credit active adults in the past several years (beginning in 2009) to predict that 2.2 million homebuyers will re-enter the housing market in the next 5 years. This group of people, called “Boomerang Buyers,” are nearing a point at which they could once again qualify for a home loan, having built up their credit to meet Fannie Mae underwriting guidelines.

Joe Mellman, vice president of Transunion’s mortgage group, recently stated, “As boomerang buyers who experienced foreclosures or other negative impacts become eligible to re-enter the mortgage market, they may not immediately do so if they are not aware they are eligible again, or feel daunted by their prior experience.” This is possibly why so many that have already rebounded from damage to their credit score after the financial crisis, still haven’t entered the homebuyers market.

 

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