Return buyers are a big number
As past foreclosure and short sale home owners recover, there will be a wave of new buyers for the already limited amount of supply of homes.
The states likely to benefit the most from returning buyers are essentially the same that suffered most during the foreclosure crisis. Between 2006 and 2014 California has seen the most returning buyers, followed by Florida, Arizona, Michigan and Georgia. Ca. is way out on top as to potential home buyers.
NAR concludes, “The country and housing market are still healing from the collapse of the foreclosure and distress sale wave. As home prices rise and the economy improves, these trends will abate, but there remains a large reserve of former owners who have the desire and ability to return to the market. New credit models and financing opportunities combined with fundamental changes to the mortgage origination process will help to ensure that soundness of the market as these borrowers return.”
