Some homeowners are using foreclosure to not only get a fresh financial start but to get back into a house. Called strategic defaulters within the industry, these homeowners are choosing to walk away from houses underwater and letting their lenders foreclose rather than continue to put money into a home that may never regain its sales value, causing major headaches for home builders in Texas, Arizona, Florida, and Nevada, to name a few places.

Research by the University of Chicago and Northwestern University schools of business found that more than a third of foreclosures are strategic and tend to occur in regions that have high percentages of foreclosures.

Choosing a strategic default is a long-term financial plan because it will take at least three, possible as many as seven, years before the consumer will be able to qualify for another traditional home loan. Extenuating circumstances such as job loss, or health issues can result in a quicker credit rehabilitation time. Regardless of whether you are trying to buy a new home in San Antonio or Miami, the consumer needs to maintain good credit in the interim but with a credit score of 620 and a good debt to income ration, they can quality for a mortgage insured by the Federal Housing Administration. And it takes only a two-year wait for someone with a military background to qualify for a VA loan.

Most new home builders are willing to give consumers who have been through foreclosure a second chance, especially since the homes being sought are well within their means. And with rents rising, more people are willing to get back into a home of their own that offers value and affordability.