The second wave of foreclosures is being 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.
Source: Newsweek
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