Sharga: Several more years with nearly 1M foreclosures per year

Sharga was the senior vice president for RealtyTrac, which tracks foreclosure filings across the country and issues widely used monthly and quarterly reports. Sharga leaves RealtyTrac for.

By the time we sold it several years later, rates had fallen to under 10%, which allowed up to get about 50% more for the house than we paid for it because the monthly payment stayed roughly constant, i.e., higher rate X lower price = lower rate X higher price. The best time to buy a house is when rates are very high, topping out, and will fall.

The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services. Sharga recently left RealtyTrac, where he helped build a network that tracked foreclosure filings across the country.

Nearly 12 percent of all Americans with a mortgage – a record 5.4 million homeowners – were at least one month late or in foreclosure at the end of last year, according to the Mortgage Bankers.

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 · ”With a nearly 65 percent increase this quarter, Staten Island has reached three-year highs in first-time foreclosures,” according to PropertyShark.com CEO Ryan Slack.

Alternatively, if a real estate pro has participated in rental real estate activities for more than 500 hours per year in five of the last 10 tax years, the rental activity will qualify as a business. (IRS Reg. Sec. 1.469-5T.)

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mortgages facing foreclosure are delinquent an average of 611 days. Once a foreclosure is initiated, Sharga said it can take as long as 400 days to complete. So, he said, a loan entering foreclosure in December 2011 won’t hit the market as an REO until January or February 2013. "Sales volume will be high in 2012,

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