Well, it’s official, we have hit bottom! At least according to Rick Sharga, former RealtyTrac exec.
The U.S. housing market hit bottom this year and will remain flat until 2014, when it will start to slowly recover, said Rick Sharga, an executive vice president withCarrington 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 presidentuntil this week.
The article goes on to mention the shadow inventory problem holding recovery back along with anemic economic growth.
Of all the predictions so far, this sounds to me like the most realistic one. But who knows, it is anyone’s guess at this point.
I do like his term “Catfish Recovery”, bumping along the bottom. There is nothing quite like the ‘down home’ ‘common sense’ phrases..