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Team Thayer Real Estate News An estaimated 1.5 million "boomerang buyers" – those negatively affected by the housing crisis – could re-enter the housing market at some point in the next three years, according to a  study  released by TransUnion  on Wednesday. Boomerang buyers include those who are 60 or more days delinquent on a mortgage loan, have had a mortgage loan modified, or have lost a home through foreclosure, short sale, or deed-in-lieu of foreclosure. TransUnion estimates that about 700,000 boomerang buyers could re-enter the mortgage market in 2015, and another 2.2 million could re-enter the market over the next five years. "Based on our study findings, the burst had a significant and dramatic impact on many consumers' ability to re-enter the mortgage market after suffering through the downturn," said Joe Mellman, vice president and head of TransUnion's mortgage group. "It's been over seven years since the beginning of the mor...

Tips For First Time Home Buyers With all the excitement of becoming a  first time homebuyer  it is easy to get caught up in the thrill of owning your own home. Before you sign any papers there are things you will want to consider. Credit:  Before you purchase a home you want to make sure you credit is in good standing. Poor credit can drive up mortgage rates and make it virtually impossible for you to purchase a home you may be interested in. Location:  One very important thing first time home buyers have to think about is the location in which their potential home is located. Long Term Plans:  Always make sure you take the future into account before you lock yourself into any FHA mortgage or agreement. How long do you plan on living there? Are you planning on having any children? You never know when your situation may change so make sure you plan ahead. Check And Re-Check:  Don’t let the thrill of becoming a first time home buyer give you itchy fi...

Outlook for Housing and Economy Remain Positive Despite Q1 GDP Contraction In its second of three estimates of real gross domestic product (GDP) growth for the first quarter released Friday , the U.S. Bureau of Economic Analysis ( BEA ) issued a downward revision of what analysts had already deemed "paltry" growth of 0.2 percent in the  advance estimate for Q1  reported at the end of April. According to the BEA's second estimate for Q1, which is based on more complete source data than were available for the advance estimate, the GDP contracted at an annual rate of minus 0.7 percent. Despite economic growth taking a step backward, the forecast for housing for the rest of the year remains positive, according to Fannie Mae SVP and chief economist Doug Duncan. New home sales increased by 6.8 percent in April up to 517,000 annualized units; the National Association of Realtors' Pending Home Sales Index has risen by 14 percent in the last 12 months; existing home s...