2.5 million Americans will recover from foreclosure or bankruptcyStaff Writer | October 27, 2016
Many U.S. consumers are coming back from harder times, dusting themselves off and re-entering the mortgage market with a fresh perspective and a cleaner slate.
Analysis Boomerang borrowers are showing responsible behaviors
Experian's latest analysis shows that 68 percent of these consumers are scoring in the near-prime or higher credit segments. The opportunity for this group to qualify for mortgage loans is growing.
The study takes a closer look at these potential borrowers and explores the consumers who foreclosed or short-sold between 2007 and 2010 and have since opened a new mortgage.
These "boomerang borrowers" are showing responsible credit behaviors, have improving credit scores and are current on their debts.
The research shows that the people in the short-sale category are rebounding at a higher rate than those who foreclosed, and are making their payments on time. ■