I Survived Real Estate 2008 – Part 5

Bruce introduces Rick Sharga who is the VP of marketing for RealtyTrac. Rick talks about foreclosures and the implication of the current glut on the market. Rick talks about the media obsession with foreclosures and the huge interest in foreclosure data. Rick talks about how we got into the position were in; lending. What drove some of the behavior was Fed policy and that money became practically free. People who should never have been able to get a loan got one in the boom. Wall Street securitized these loans and had a voracious appetite to do so. Due diligence was practically thrown out the window. Bankers went from buy and hold strategy to buy, package and sell and do it again. RealtyTrac captures foreclosure data from 2200 counties nationwide. 1.2 million foreclosure filings occurred in 2006 and over 2.3 million in 2007. In California the numbers were much worse as a percentage compared to other states. 2008 will be far worse. Rick discusses the areas hit the hardest. He mentions 7 of the top 12 markets hit hardest are in California. In Stockton, 1 in 25 receives a foreclosure notice. Foreclosure homes are outselling the resale of homes at this point. Existing homes sales arent increasing like most would think. The resets for subprime will continue. 32 months of foreclosure data increases thus far with no end in sight. Alt A and Option Arms will cause more problems in 2009. While the market is sure to continue its decline, Rick points out there will be plenty of
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6 thoughts on “I Survived Real Estate 2008 – Part 5

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