Realtors ID 7 Million People Who Won’t Likely Buy a Home Again

April 27, 2015 at 3:59 pm Leave a comment

The National Association of Realtors has released a report that basically says that 7 million of the 9.3 million people who were foreclosed on during the recession will not likely buy a home in the future:

According to a new study by the National Association of Realtors (NAR), nearly 1 million of the people whose homes were foreclosed upon during the financial crisis have already repurchased homes. Another 1.5 million are likely to buy again within the next five years.

But that leaves out of the market nearly 7 million of the 9.3 million who lost their homes to foreclosure between 2006 and 2014.

“They won’t be a significant factor to the housing market going forward,” NAR Chief Economist Lawrence Yun told Bloomberg Business. “The majority of the 9.3 million won’t be coming back.”…

But one thing that will dampen the demand for many of the homeowners that went underwater is that mortgage underwriting standards have become much stricter, so people who, for example, used a subprime mortgage to purchase a home will be unlikely to re-enter the market.

“Many of them should not have gotten a mortgage to begin with,” NAR’s Yun said in his interview with Bloomberg Business.

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Entry filed under: Housing Trends, Rent vs. Own. Tags: , , , , , .

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