TransUnion recently released the results of a new study titled “The Bubble, the Burst and Now – What Happened to the Consumer?” The study reveals that 1.5 million homeowners negatively impacted by the housing crisis could re-enter the housing market in the next 3 years.
TransUnion defined “negatively impacted” as…
“…those who were 60+ days past due on a mortgage loan, lost their mortgage through foreclosure, short sale or other non-satisfactory closure, or had a mortgage loan modification between the Bubble and Burst.”
Other findings in the study:
- During the mortgage bubble in 2006, 78 million consumers, or 43% of credit-active consumers in the U.S. had a mortgage
- More than 8% of these consumers were “impacted”
- 5 million consumers will again be eligible for a mortgage in the next 4 years
Here are the numbers of consumers who will meet mortgage guidelines over the next 4 years:
Real Estate Bottom Line
If you are a family impacted by the last housing crisis, now may be the right time to buy your own home.