With improvements in the economic and employment landscapes, there is growing optimism that the hosing market will continue to improve in 2016. TIME staffer Jill Schlesinger reports on how people with more money and secure jobs may venture into the housing market.
Schlesinger comments that one group that may drive the housing market is "boomerang buyers." These are homeowners who lost their homes during the recession and now want to return to the market:
Some 7.3 million Americans lost their homes to foreclosures or short sales — two events that can stay on your credit report for up to seven years — from 2007 to 2014, according to real estate data company RealtyTrac. If they have no other major credit issues lingering, those first foreclosed owners are now coming out of the financial doghouse and qualify for a mortgage.