It has been four years since the housing crisis in 2008 shifted the fate of thousands of Americans by forcing them underwater on their homes, making mortgage payments difficult to impossible to pay. Since 2008 more than six million homes have been foreclosed on. While those foreclosures in Jacksonville gave many people opportunities for more inexpensive property sales, it also meant that as many as six million families were forced out of their homes. Where all those families decided to live after losing their homes is as varied as anyone could imagine, but four years later many of those families are returning to the housing market in search of new property sales.
With millions of homes foreclosed on, it only makes sense that at some point all of those people who lost their homes to the bank would need to find a new home. As a general rule, banks require individuals to wait a 7 year time span after going through a foreclosure to purchase a new home, but this isn’t the case at the moment. With so many people with recent foreclosures, many people are finding ways to purchase new homes in as little as three years since their foreclosure. While private banks are sticking to their 7-year requirement, many federal programs and credit unions are evaluating mortgage applications on a case by case basis.
This has created a bit of a boomerang effect in the housing market as millions of families who were just four years ago forced away from their homes are back on the market and looking for new options. Not all six million families are going to be able to jump back into the housing market so quickly. Many families are still attempting to get back on their feet, but an improving economy has granted new opportunities to many people who thought they would never be able to own another home—let alone own another home in just a handful of years.
This boomerang effect is great news for those trying to sell their homes in Jacksonville, as this indicates an increase in the number of potential buyers that are hoping to leave the world of rental property management and own homes of their own again.
If you’ve undergone a home foreclosure within the past couple years and have not considered buying another home for many years due to bank regulations, you may want to shop around to find out if you are eligible for any special considerations. If you have any questions regarding Florida foreclosure laws or property sales in Jacksonville, contact your real estate specialist at Traditions Realty.