Over the last several years there have been far too many Americans who have had to experience the uncertainty and flat-out fear associated with foreclosure. Florida residents are especially familiar with this problem, as the state was one of the hardest hit by the housing bubble “bursting.” Despite occasional reports about economic bright spots, both in Florida and nationwide, there really hasn’t been all that much good news for American workers and homeowners lately. However, with the South Florida housing market on the rebound and Florida residents overall trying to bounce back themselves, every little bit of good news can help.
According to a recent report, some former homeowners who felt the sting of foreclosure during the economic downturn are making quite a comeback. The report indicates that a growing number of these former homeowners are getting their finances back in order – enough to secure another mortgage and become a homeowner again. The resurgence has coined a nickname: “boomerang buyers.”
Some people who have to go through a foreclosure proceeding vow to never try to own a home again. There is no denying that there is more to homeownership than just making the monthly mortgage payment. Maintaining the property and paying all of the other associated bills can become quite the strain on household finances. However, there are just as many people who still believe that homeownership is part of the “American Dream.” And those are the ones who are rebuilding their credit and diving back into the real estate market.
In the midst of threatening action from lenders and struggles with delinquent payments, perhaps when someone sees reports of these “boomerang buyers” it will provide some hope that people can and do bounce back from the worst of financial situations.
Source: Sun Sentinel, “‘Boomerang’ buyers get another chance at homeownership,” Paul Owers, Feb. 24, 2014