Recent research from the National Association of Realtors (NAR) shows that distressed buyers are slowly but surely making their way back to the Daytona Beach housing market.
According NAR’s report, nearly 1 million borrowers who were foreclosed on, short sold their home or received a deed in lieu of foreclosure over the last eight years have already purchased a new home. Another 1.5 million are expected to do so over the next five years, as they once again become eligible for financing.
The Daytona Beach housing market could see a surge of so-called “boomerang buyers,” those who lost their homes to these foreclosures, but are ready to buy again. Jill Schlesinger explains what this means in a recent CBS news report.
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In a report earlier this year, RealtyTrac noted that Generation X and Baby Boomer “boomerang buyers” could “represent a massive wave of potential pent-up demand that could shape the Daytona Beach housing market in the short term even more dramatically” than the millennials’ entrance into home ownership.
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“The markets most likely to see the boomerang buyers materialize are those where there are a high percentage of housing units lost to foreclosure but where current home prices are still affordable for median income earners and where the population of Gen Xers and Baby Boomers … have held stead or increased during the Great Recession,” RealtyTrac noted in its report.
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We have more news concerning the Daytona Beach housing market in our Daytona Beach Real Estate News section under Daytona Beach Real Estate Categories to your right.
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