Boomerang buyers – those former home owners (7.3 million!) who lost their homes to foreclosure or short sale during the housing bust (2008 or so…). Many have spent the last several years rebuilding their credit and now they’re ready to buy!
According to RealtyTrac, Generation Xers and Baby Boomers make up the majority of these boomerang buyers and most will be looking to buy in areas where a sizable percentage of units were lost to foreclosure but where prices still remain affordable. They will also look to buy where there the population consists of other Generation Xers and Baby Boomers.