Former homeowners returning to housing market, including in California
Apr 1 2013 2:45PM
While some homeowners in recent years had to sell their homes to stay financially afloat, a number of these people are now returning to the market, which experts note should spark the housing market, including in California.
According to a report by USA Today, "boomerang" buyers, as they're known - those who were once owners, left the market and now plan to return - may help boost not only the residential sector, but also the economy at-large.
During the final half of 2012, a Burns Consulting indicates that 14 percent of home sales in the Golden State were to boomerang buyers - one of the highest percentages of buyers for any market nationwide. Sean Fergus, an analyst for the firm, told USA Today many buyers are realizing their finances are in solid enough shape to take on homeownership once again.
A resurgence in California's housing market may mean home prices could continue to tick up throughout the state.
Statistics from real estate information firm DataQuick indicate the median residential property price paid for homes that came off the state's listings in February increased more than 20 percent from the year before, reaching $289,000.