DS News sits down with Elyse Cherry, CEO of Boston Community Capital, to discuss boomerang buyers and the impact they have on the housing market.
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Boomerang Buyers Bounce Back
After seven years passing for the black mark of foreclosure to be removed from consumer credit reports after the foreclosure peak in 2010, 1.9 million homeowners will have met the required time after which the Fair Credit Reporting Act requires derogatory information to be removed.
Read More »More than 1.5 Million ‘Boomerang Buyers’ Could Re-Enter Mortgage Market In Next Three Years
The study found that only about 18 percent, or 1.3 million, out of the 7 million impacted consumers had recovered enough by December 2014 to meet agency credit underwriting guidelines. The study also determined, however, that 2.2 million of the remaining 5.7 million consumers could potentially meet those underwriting guidelines over the next five years.
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