The Housing Crisis Of Boomerang Buyers

954 WordsDec 17, 20144 Pages
Following the 2006-2008 housing market crash, 4.8 million of homeowners lost their most valuable assessment to foreclosure, and another 2.8 milliongave up their homes in short sales. These former homeowners that are reentering the housing market after losing their homes during the housing market financial crisis are now part of a wave of “boomerang buyers.” According to Real Estate experts, boomerang buyers who are returning to the market were at least 10 percent of all United States home purchases during 2014. More important, this trend is expected to increase in 2015 and 2016 as more boomerang buyers become eligible for new options to get their dream homes again. The unquestionable fact is that a great majority of boomerang buyers are hardworking, honest people that got caught in the middle of one of the biggest housing crisis that occurred in the last 100 years. Fortunately, those housing crisis’ victims are beginning to see the light at the end of the tunnel since several options are becoming available to them in order to get back into home ownership. Among these options, I like to explore some available avenues for those boomerang borrowers to include the rent to own option, Veterans Affairs backed loans, and owners financing option. First of all, the rent to own option is a superb option that allows the renters to apply the monthly rent to the purchase of the house. Renting to own, otherwise known as a lease-option, allow those people that are not in the
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