You may be hearing the term Boomerang Buyer when people talk about the housing market. Boomerang buyers are people who lost their home in foreclosure or sold as a short sale, and are now beginning to return to the real estate market. These are going to be good strong buyers. They will have some added knowledge of the working of the real estate world, and are used to being home owners.
The latest bust in the market started around 2007, with probably the worst of it coming 2009. Many people lost their homes at this time, but still have jobs and ties to the community and will be ready to own again. Especially seeing the current prices, they will be interested in recouping equity and building wealth through real estate again.
In our local market, more than 2500 homes were resales from the foreclosure market in 2008-2011. And another 1000 houses were sold on short sales.
The homeowners who lost those homes will be back in the market, and many of them are coming back now.
Here is a chart from my #1 lender Linda Fitzgerald at iMortgage about the current wait time for people who have lost their homes, or had a bankruptcy about when they can get financing again to buy a home.
If you are a boomerang buyer, and want to get back into the market. Let Linda and I get you started on building some equity and wealth in real estate.