More than 7 million homeowners who lost their properties to foreclosures or short sales during the housing bust will return to the housing market over the next eight years, according to a RealtyTrac report.
It can take seven years to undo the damage that a foreclosure or short sale does to a borrower’s credit score — a milestone that’s now being reached as the first wave of homeowners to run into trouble starts coming into the clear.
The first wave of “boomerang buyers” will come into the market this year, with the phenomenon expected to peak in 2018.
It’s not hard to predict which markets will see the greatest boomerang effects — they’ll be the same markets that were hardest hit by foreclosures.
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