Foreclosure Expert Predicts Housing Malaise

The second wave of foreclosures is driven by unemployment and is harder to fix, says Rick Sharga, senior vice president of RealtyTrac, which researches foreclosures. Sharga predicts an “L-shaped recovery in the housing market through 2013” with the housing market stabilizing without much increase in prices or construction. “The housing market will not feel healthy for a few years. This is not a short-lived recession,” he says.

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