I guess I didn’t realize that Rick Sharga left RealtyTrac for Carrington Mortgage Holdings. Rick was always the public face every month when RealtyTrac published its latest foreclosure data. The fact that he has left for greener pastures is interesting. Carrington Holdings deals in part in the distressed mortgage business. There is real money to be made there.
From the Housing Wire story:
[[Update 1: Corrects delinquent loan figure and date that market expected to bottom out]]
The U.S. housing market will hit bottom this year and remain flat until 2014, when it will start to slowly recover, said Rick Sharga, an executive vice president with Carrington Mortgage Holdings.
“We’re looking at a catfish recovery,” he told attendees at the Asian Real Estate Association of America conference in San Francisco Friday, saying the market will bump along the bottom for some time before starting to revive.
More than a million foreclosure actions that should have taken place this year have not yet moved forward, and that delay pushes a resolution of the housing market’s problems into next year and beyond, he said, citing data from RealtyTrac, where Sharga served as a senior vice president until this week.
The bottom in the housing market has been called so many times, it’s hard to keep track. Are we at the bottom? Possibly. If we can get job growth back the bottom will be in. If we don’t get any job growth, we will likely continue to drift slightly lower for the next several years.
- Foreclosure filings jump 7% in August from July Foreclosures fall over the year, but monthly figures signal trouble ahead (lonerangersilver.wordpress.com)
- Banks set stage for fresh wave of foreclosures (cbsnews.com)
- Foreclosures fall in most U.S. cities (money.cnn.com)