RealtyTrac executive to focus on foreclosure trends and the national economy.
IRVINE, Calif. – Sept. 26, 2008 – Rick Sharga, senior vice president at RealtyTrac™ (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, will be a featured speaker during the Colorado Association of Mortgage Brokers Convention & Expo Friday, Sept. 26, 2008, at the Marriott Denver Tech Center.
Sharga’s educational breakout session titled “Foreclosures in Colorado” will focus on the past, present and future of the foreclosure phenomenon that has a stranglehold on the national economy. He will also discuss recent federal legislation and the impact such actions are likely have on foreclosure activity in the foreseeable future.
“The nation’s economy is dependent on the real estate market to bottom out and turn the corner before any true healing from the mortgage crisis can begin in earnest,” said Sharga. “The federal government is attempting to legislate the economy back to health. However, with the labor market continuing to shed jobs, more citizens filing for bankruptcy protection, and the foreclosure floodgates wide open, legislation alone is not enough. Investors and ordinary citizens need to feel confident of their own financial stability. Until that confidence returns to the marketplace, foreclosures will continue to delay any real economic recovery.”
According to the RealtyTrac U.S. Foreclosure Market Report for August 2008, the nation’s foreclosure activity rose almost 12 percent from the previous month and 27 percent from the same month in 2007. One in every 416 U.S. households received a foreclosure filing during August. With one in every 452 households receiving a foreclosure filing in August, Colorado’s foreclosure rate was slightly below the national average but continued to rank among the 10 highest state foreclosure rates. Colorado foreclosure activity in August was down nearly 14 percent from the previous month and nearly 30 percent from August 2007.
“Colorado was on the front edge of the national surge in foreclosure activity that we’ve seen over the past two years, and it also appears to be one of the first states to show a consistent downward trend in foreclosure activity,” Sharga said. “Our numbers show a peak in Colorado foreclosure activity in January with a fairly steady downward trend since then — some of which could be attributable to an extension of the state’s foreclosure process.
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/.
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