Returning Buyers Could Boost Housing Market

Irvine, CA, Jan. 27, 2015 -- RealtyTrac says that millions of people who lost their homes to foreclosure during the housing and financial crisis are poised to become homeowners again over the next eight years.

The foreclosure tracking firm estimates that 7.3 million who lost their homes will return to the U.S. housing market.

The firm says that an improving economy and job market are putting many who lost their homes in a position to buy.

Many homeowners, up to 500,000, who lost their homes in 2007 should be able qualify for a new home loan this year. It generally takes seven years after a foreclosure to qualify again.

Next year the number increases to 1 million, and it will peak in 2018.