Many people who lost their homes in the housing downturn will be able to qualify for a new mortgage in the next eight years, according to an analysis by the National Association of Realtors. However, some buyers will continue to be impeded by poor credit scores and other hurdles.

Ken Fears, the manager of regional economics and housing finance policy for NAR, recently summarized the findings for the organization's Economists' Outlook Blog. The organization estimates that about one-third of the nearly 9.3 million borrowers who were foreclosed on, received a deed in lieu of foreclosure, or liquidated their home in a short sale between 2006 and 2014 will return to the market.

NAR estimates that 950,000 former homeowners have regained eligibility since 2006 and have likely already purchased a new home. An estimated 350,000 are thought to be eligible but unable to buy at the moment due to overlays, or stricter borrowing rules set by lenders.

The organization suggests that 1.63 million former homeowners will regain eligibility between 2015 and 2023 and are likely to purchase when they do. Of this population, it is estimated that 1.5 million will buy a home within the next five years.

An estimated 140,000 former homeowners will continue to face challenges in purchasing a new home due to overlays between 2015 and 2023. NAR estimates that as many as 260,000 former homeowners will not be able to return to the market since they were previously able to purchase a home only under more lenient lending rules.

Researchers noted that there are several factors influencing when a buyer will be able to return to the market after a foreclosure or short sale. These include eligibility for a financing program such as those offered through the Federal Housing Administration, repairing a credit score, meeting lender overlays, saving money for a down payment, and desiring to own a home again.

NAR listed California, Florida, and Arizona as the states most likely to benefit from return buyers. The organization estimates that California has already had more than 250,000 return to the market since 2006 and that more than 300,000 will return between 2015 and 2023. An estimated 200,000 buyers have returned in Florida, with another 250,000 estimated to return between 2015 and 2023. An estimated 100,000 buyers will return in Arizona in the next eight years.

The report says the return buyers will help strengthen their markets by joining first-time and trade-up buyers in purchasing available inventory. NAR says new credit scoring models, which use rent and utility payments to help determine risk, will also reduce the risk to lenders.

Citing previous studies, NAR says a short sale can reduce a borrower's credit score by 50 to 125 points while a foreclosure can lower it by 85 to 160 points. Borrowers who have to liquidate a home in this way may also suffer reduction in their credit score if they are unable to keep up with other obligations, such as credit card payments. However, the ability to repair one's credit score within 10 years is thought to be possible for almost all subprime borrowers and about 70 percent of prime borrowers.

However, NAR estimates that only 21 percent of former owners who had a subprime mortgage will be willing to purchase another home. NAR estimates that 82 percent of former owners who had a prime mortgage will desire to re-enter the housing market.