Millions of homeowners who lost their home to foreclosure and short sales at the beginning of the housing crisis and economic collapse are now poised to re-enter the home buying market, according to RealtyTrac.com.
The company, which tracks the home buying market, has labeled the former homeowners as “boomerang buyers.” RealtyTrac said that the first wave of homeowners, approximately 551,359 across the United States, have passed the seven-year window needed to repair credit after a large problem like bankruptcy or foreclosure.
The group of boomerang buyers is expected to eventually total more than 7 million potential homeowners. In South Florida, RealtyTrac estimated that from 2015-2022 the Miami/Fort Lauderdale area will see 322,141 boomerang buyers hit the home buying market again.
The top five areas for most potential boomerang buyers are: Phoenix, Miami, Detroit, Chicago, and Atlanta.