By Conor Dougherty and Dasn Wotapka
The Wall Street Journal
Millions of families lost their homes to foreclosure after the housing crash hit six years ago. Now, some of those families are back in the housing market. Call them the “boomerang” buyers.
It is difficult to quantify the exact number of boomerang buyers, but real-estate agents, mortgage brokers and home builders all say a significant number of new buyers are families and individuals who went through foreclosure as recently as three years ago, the time period that buyers who defaulted on a mortgage must typically wait before becoming eligible for a mortgage backed by the Federal Housing Administration.
On a recent conference call with investors, Stuart Miller, chief executive of Miami-based home builder Lennar Corp., LEN +0.11% said the company was seeing more people “coming out of the penalty box.” At Cornerstone Communities, a San Diego home builder, roughly 20 of the 110 closings they have had this year came from buyers who have been through a foreclosure or short sale, estimates Ure Kretowicz, the company’s chief executive.
Continued: http://online.wsj.com/article/SB10000872396390444657804578052892032374094.html
Also: A Risky Lifeline for Seniors Is Costing Some Their Homes/The New York Times
If you’d like to discuss real estate matters, contact Rose Law Group Founder Jordan Rose, jrose@roselawgroup.com
