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CU Snapshot

 Apr '17Mar '17
# of CUs 5,926 5,953
Members
(millions)
111.2110.7
Total Assets
($ billions)
$1,381.2$1,374.7
Total Savings
($ billions)
$1,161.4$1,163.6
Net Cap.
Assets
10.4%10.4%
Loans to Savings79.3%78.2%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Analysts Foresee a Boost in Home Sales

Boomerang buyers might soon re-enter the housing market.

The housing market could soon receive a boost, as more than 1.5 million homeowners pinched by the financial crisis re-enter the market during the next three years, according to a recent study by TransUnion.

Also known as boomerang buyers, this population is defined as those home buyers who have been 60-plus days delinquent on a mortgage loan; have lost a mortgage through foreclosure, short sale, or non-satisfactory closure; or have received a mortgage-loan modification.

This year alone, roughly 700,000 boomerang homebuyers will have the opportunity to re-enter the market, and roughly 2.2 million could rejoin during the next five years, TransUnion says.

"It's been over seven years since the beginning of the mortgage crisis," says Joe Mellman, vice president/head of TransUnion mortgage group. "This is significant because many derogatory items, such as foreclosures and short sales, can prevent consumers from qualifying for a new mortgage for a period of time.

"The timing of that challenge can vary: for example, four years must pass after a short sale and seven years must pass after a foreclosure. As consumers responsibly manage their credit and pass these milestones, we anticipate a tide of newly mortgage-eligible consumers entering the market."

The study looks at the full U.S. credit-active population at the end of 2006, the end of 2009, and in 2014 to determine a consumer's ability to re-enter the market.

(Via News Now)