HERECOME1. 5MBOOMERANGBUYERS
Ab o u t 1 . 5mi l l i o nh o meo wn e r sn e g a t i v e l yi mp a c t e db yt h emo r t g a g ec r i s i sc o u l db eo nt h e i rwa yt o r e e n t e r i n gt h eh o u s i n gma r k e t wi t h i nt h en e x t t h r e ey e a r s . Wi t h i nf i v ey e a r s , t h a t n u mb e r c o u l ds we l l t o2 . 2mi l l i o n , a c c o r d i n gt oan e ws t u d yr e l e a s e db yT r a n s Un i o n .
2015:
700, 000
2016:
300, 000
2017:
500, 000
2018:
400, 000
2019:
300, 000
Th i sy e a r a l o n e , a b o u t 7 0 0 , 0 0 0f o r me r h o meo wn e r s–a l s ok n o wna s" b o o me r a n gb u y e r s " s t a n dt o r e e n t e rt h eh o u s i n gma r k e t . Du r i n gt h ef i n a n c i a l c r i s i si n2 0 0 6 , 7 8mi l l i o nc o n s u me r s–o r 4 3p e r c e n t o f c r e d i t a c t i v ec o n s u me r s– h a damo r t g a g e .Mo r et h a n8p e r c e n to ft h o s ec o n s u me r swe r ea f f e c t e db yt h ef i n a n c i a l c r i s i sb y b e i n g6 0d a y so rmo r ep a s td u eo nt h e i rmo r t g a g el o a n ;l o s i n gt h e i rmo r t g a g et h r o u g hf o r e c l o s u r e , s h o r ts a l eo ro t h e rn o n s a t i s f a c t o r yc l o s u r e ;o rh a damo r t g a g el o a nmo d i f i c a t i o n .On l ya b o u t1 8 p e r c e n to ft h ec o n s u me r sa f f e c t e dh a dr e c o v e r e db yDe c e mb e r2 0 1 4 ,a c c o r d i n gt ot h eT r a n s Un i o n s t u d y . Bo r r o we r smu s t o f t e nwa i t f o u ry e a r sf o l l o wi n gas h o r t s a l eo rs e v e ny e a r sa f t e raf o r e c l o s u r e t oq u a l i f yf o ramo r t g a g ea g a i n . Bu tf o rt h o s ewh oh a v er e p a i r e dt h e i rc r e d i t ,ma n yo ft h e s ef o r me rh o meo wn e r sl i k e l ywi l l wa n ta s e c o n dc h a n c ea t h o meo wn e r s h i p . " I t ' sb e e no v e rs e v e ny e a r ss i n c et h eb e g i n n i n go ft h emo r t g a g ec r i s i s ;t h i si ss i g n i f i c a n tb e c a u s e ma n yd e r o g a t o r yi t e ms , s u c ha sf o r e c l o s u r e sa n ds h o r t s a l e sc a np r e v e n t c o n s u me r sf r o mq u a l i f y i n g f o r an e wmo r t g a g ef o r ap e r i o do f t i me . Asb o o me r a n gb u y e r swh oe x p e r i e n c e df o r e c l o s u r e so r o t h e r n e g a t i v ei mp a c t sb e c o mee l i g i b l et or e e n t e r t h emo r t g a g ema r k e t , t h e yma yn o t i mme d i a t e l yd os oi f t h e ya r en o ta wa r et h e ya r ee l i g i b l ea g a i n ,o rf e e ld a u n t e db yt h e i rp r i o re x p e r i e n c e , "s a y sJ o e Me l l ma n ,v i c ep r e s i d e n ta n dh e a do fT r a n s Un i o n ’ smo r t g a g eg r o u p ." L e n d e r sc a nh e l pc o n s u me r s e a s et h i st r a n s i t i o nwi t hc r e d i te d u c a t i o np r o g r a msa d d r e s s i n gc o n s u me re l i g i b i l i t y ,a n dh e l pt h e m b e t t e ru n d e r s t a n dt h e i rb o r r o wi n go p t i o n s . " Th eT r a n s Un i o ns t u d yp r o v i d e dt h ef o l l o wi n gb r e a k d o wno f h o wma n yb o o me r a n gb u y e r se a c hy e a r c o u l dme e t r e q u i r e me n t st ob u ya g a i nwi t h i nt h en e x t f i v ey e a r s :
SALESANDPRI CEI NFORMATI ONI SGENERATEDBYMUL TI PLELI STI NGSERVI CECLOSEDSALESREPORTEDBY30PARTI CI PATI NGI LLI NOI SREAL TOR®LOCALBOARDSANDASSOCI ATI ONSI NCLUDI NGMI DWESTREAL ESTATEDATALLCDATAASOFNOV. 7, 2014FORTHEPERI ODOCT . 1THROUGHOCT . 31, 2014. THECHI CAGOPMSA, ASDEFI NEDBYTHEU. S. CENSUSBUREAU, I NCLUDESTHECOUNTI ESOFCOOK, DEKALB, DUPAGE, GRUNDY, KANE, KENDALL, LAKE, MCHENRYANDWI LL.FI NDI LLI NOI SHOUSI NGSTATS, DATAANDTHEUNI VERSI TYOFI LLI NOI SREALFORECASTATWWW. I LLI NOI SREAL TOR. ORG/ MARKETSTATS.