In 2017 it will have been seven years since the peak of the foreclosure crisis (2010), and it will be erased from the credit reports of millions who lost homes. CoreLogic staffer Kristine Yao takes a look at the 1.9 million that will have met the seven-year period after which the Fair Credit Reporting Act mandates derogatory information be removed.
However, history shows that these homeowners are slow to return to the market with only 1 million of the 4.4 million owner-occupied foreclosures completed since 2000 returning. The number of Boomerang Buyers appears to only decline over time:
A decade after their foreclosures, 38.5 percent of homeowners who lost their homes in 2000 returned as buyers. In comparison, only 26.3 percent of 2006 foreclosed homeowners returned at their ten-year mark, and the 2007 vintage of foreclosed homeowners is expected to have even lower returns than 2006.