Magazine article Mortgage Banking

Boomerang Buyers Poised to Re-Enter Housing Market

Magazine article Mortgage Banking

Boomerang Buyers Poised to Re-Enter Housing Market

Article excerpt

A new study done by TransUnion LLC, Atlanta, found that more than 2.2 million homebuyers who were negatively affected by the financial crisis have the potential to re-enter the mortgage market in the next five years.

TransUnion reviewed the financial history of 7 million consumers who had mortgages that were negatively affected between the housing bubble and the subsequent housing market crash. It found that by December 2014, 18 percent had recovered to the point where they were again able to meet mortgage underwriting guidelines. Of those who had recovered, only 42 percent currently have a mortgage.

The study also found that between the housing bubble and the market's collapse, 39 million consumers fell at least one credit-score tier. As of the end of 2014, 16 million of these consumers had recovered to at least the risk tier they were in before the housing bubble burst.

Joe Mellman, vice president, financial services, and head of the mortgage group for TransUnion, said in an interview that younger people were over-represented among those negatively impacted by the financial crisis. …

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