Nearly 8 million borrowers have lost their homes to foreclosure or short sale since 2004, and now, a large portion of those former homeowners are ready to reenter the housing market.
“Lenders require seven years after a foreclosure and four years after a short sale for buyers to be potentially eligible for credit again,” CNBC reporter Diana Olick explains. “Now, about 700,000 borrowers are eligible for credit again this year and up to 2.2 million over the next five years.”
Approximately 1.3 million so-called “boomerang buyers” have already become re-eligible to buy, and of those, approximately 42 percent have done so.
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