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Housing Market May Be Rebounding | Housing

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Housing Market May Be Rebounding

LAS VEGAS -- As more people are finding new jobs, the housing market is getting a boost. Nationally, the number of people behind on their mortgage payments has dropped for the first time in four years.

Across the country, homeowners are finally starting to catch up with payments and experts say Las Vegas is improving as well.

"In the last 18 months, people have been faced with either, 'You make your mortgage payment or we take your house,' and a lot of people say, 'Ok, take my house because the mortgage is twice what the value is,' and that is starting to stop," said mortgage expert Roger Rothberg.

Thanks to some improvements in the job market, people are now catching up with payments. Those who can't afford the homes they're in have let them go, giving the battered housing market a chance to heal.

"It is going to take six months, maybe a year, to make it to a point to where it is more normal, whatever that means," said Rothberg.

Realtors and owners hope to buy and sell homes like before, where the for sale sign goes up and willing buyers come in. It's the path Barbara Jensen believes is still at work and will lead to her selling her home.

"It is a house I have a lot of equity in and I have an opportunity to sell it," she said.

She's watched the market closely for the past year and believes buyers are tiring of the foreclosure and short sale circus, making her home even more alluring.

"If you do buy a foreclosure or a short sale, odds are you have a lot of repairs, a lot of maintenance, a lot of things to do and you have no warranty on that property. But if you buy a home from a regular seller who is willing to sell it at a fair price, you get a lot of things with that," she said.