Urban Real Estate

Is the Market Ready for 2.5M 'Boomerang Buyers'?

Is the Market Ready for 2.5M 'Boomerang Buyers'?

There could be some good news on the horizon for homeowners and the real estate market in general.

According to a new report, some 2.5 million homeowners who lost their houses when the housing market crashed in 2008 will see the foreclosure, short sale or bankruptcy fall off of their credit report this year. They're the so-called "boomerang buyers."

It's hard to say for certain whether these individuals will want to take the plunge into homeownership once again, given the dramatic nature of the events of 2007-2008, but their credit reports will be in a position to allow them to seek a mortgage again.

Read more on this at the (end) of a report from the Chicago Tribune here.