Friday, August 28, 2015

Boomerang home buyers poised to return to market with a roar



By Tamara Lush, Associated Press
August 20, 2015

TRINITY, Fla. (AP) -- Tears still spring into Debbie Cooley-Guy's eyes when she thinks about her dream home, with its wide, sweeping porch. It overlooked a bayou filledwith wading birds, a glittering blue pool and the space for not only a 12-foot Christmas tree, but a grand piano as well.
She bought the home in a suburb west of Tampa for $637,000 in 2002. Seven years later, after the economy tanked, she sold it for less than she owed on her mortgage to avoid foreclosure. She recalls the black moment when she was still caring for the lawn but not living there. A falling branch knocked down an outdoor staircase railing.


"It made the house look so sad. I was so sad," said Cooley-Guy, 60. "I drove away crying. I just didn't think it was how the story would end with this house."


On that dark January day, Cooley-Guy thought her home owning days were over.


Just a few years later, she's back in a new, smaller home, one of America's growing ranks of "boomerang buyers."


Seven years after the real estate bust, many who lost their homes have rebuilt their credit and are back in the market. Experts say these boomerang buyers will be an important segment of the real estate market in the coming years.  Read the entire article here courtesy of Yahoo Finance.

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