After seven years passing for the black mark of foreclosure to be removed from consumer credit reports after the foreclosure peak in 2010, 1.9 million homeowners will have met the required time after which the Fair Credit Reporting Act requires derogatory information to be removed, according to a report from CoreLogic’s Kristine Yao.
Additionally, by the end of 2020, 1.2 million homeowners who lost their homes to foreclosure between 2011 and 2013 will also become eligible. Despite the potential for millions of homebuyers to reenter the market, historical data shows a more gradual return rate for these “boomerang buyers”, reporting less than half returning to homeownership even 16 years after the foreclosures were completed. Data shows that of the 4.4 million owner-occupied foreclosures completed since 2000, 1 million foreclosed homeowners have returned to the market. Reported in DS News. For details, please go through the link below:
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