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Of the 5.3 million households who lost their home to a foreclosure or short sale from 2007 to 2013, we believe that:
- 889,000 have already repurchased a home.
- 1.6 million will be stuck renting for at least the next seven years.
- 2.8 million will become homeowners again by 2021 (“boomerang” buyers).
Single-family rental landlords and homeowners will benefit from boomerang buyer demand. Riverside-San Bernardino will see the greatest activity, followed closely by Los Angeles and Phoenix.
The renter households created each year by foreclosures and short sales has declined over the past few years. Still, we expect a significant number of these households to rent for the foreseeable future. Single-family rentals should benefit the most from these renters. Note our estimate of the trend in renter households caused by the 2007–2013 distress: