Drive-by post today. Lots going on! This morning I had the honor and privilege of meeting phenomenal national speaker, real estate guru, and fellow New Yorker, Steve Harney! He is the creator of the KCM blog as well as Keeping Current Matters, a fantastic source for real estate agents to stay up to date with the current market. Steve was engaging, funny and wonderfully informative. Thanks Steve!
Yesterday we talked a bit about the positive changes that are occurring in people’s attitudes toward homeownership. Today let’s look at an important component that accounts for some of these changes: Boomerang Buyers.
Who are Boomerang Buyers? They are the people who went through the worst of the housing debacle and lost their homes due to a short sale, foreclosure or bankruptcy, and who want to enter back into the market.
Normally people in these predicaments have had to wait a minimum of 36 months (usually more like 2 to 3 years though), before being eligible to qualify for a loan again. BUT, according to a recent update by the U.S. Department of Housing and Urban Development (HUD), these rules are changing in favor of the buyers. Now using FHA-backed mortgages (and qualifying under specific eligibility requirements), some people who lost their homes may only have to wait 12 months to be able to buy again. This is a real boon for these potential homebuyers and also for the real estate market!
One more thing, check out the numbers below:
People are emerging from their underwater state, and many will soon be homeowners again!
See you tomorrow!