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Experts Say Housing Market on the Mend | Housing

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Experts Say Housing Market on the Mend
Housing

LAS VEGAS -- For over a year, foreclosures have weighed down the Las Vegas housing market, but new numbers show there may be break in that trend.

Unlike foreclosures, where families are evicted, short sales allow them to actually sell their homes and live in them until a the buyer is ready to move in.

"It is maybe not Utopia and maybe not he best, but it is certainly a far step from what we have been dealing with for the past 18 months," said Rick Shelton with GLVAR.

Short sales are now prevailing as the most common type of home sale. Real estate experts are calling it a win-win situation. The owner sells the home at the current market price, making it attractive to buyers. The bank accepts the difference between the selling price and the mortgage amount, but still gets more than they might on a foreclosure.

"I think it is owed to the American public that people should be able to leave their homes and move with dignity and not be booted into the street as they have been with the foreclosure process. So the short sales are somewhat of a cure to that," said Shelton.

In the meantime, buyers are getting back into the market, thanks to incentives like the tax credit.

"They needed a push. They needed a little extra incentive and this was it and now we have a lot of people making those purchases," said Shelton. 

With homes still at low prices and low interest rates, housing experts say the market may finally be leveling out. But they are not yet willing to say the market has hit bottom.

Experts also say before house prices can really start to jump back up, the unemployment rate will have to drop so people can afford more for the homes.

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