RealtyTrac executive to focus on foreclosure trends and the national economy.
IRVINE, Calif. – Nov. 18, 2008 – Rick Sharga, senior vice president at RealtyTrac™ (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, will be a featured speaker at the Deutsche Bank Distressed Land Seminar Thurs., Nov. 20, 2008, from 8:30 a.m. to 4 p.m. at the Intercontinental Hotel in Century City, Calif.
During his presentation, which begins at 12:15 p.m., Sharga will give a perspective of the past, present and future of the foreclosure phenomenon that has a stranglehold on the national economy. Additionally, he will discuss current government initiatives that have been passed at the federal level and their potential effect on the nation’s housing market in the short term, as well as state regulations that have recently been implemented and their effect on overall foreclosure activity.
“The mortgage crisis that has hobbled our nation’s financial system is having an impact all over the world. Since early in 2007 the dynamics of the nation’s real estate market have changed dramatically, and foreclosures are playing a major role in those changes,” Sharga said.
“Although we don’t have the high interest rates that existed back in the recession of the early 1990s, the present economy has many of the same characteristics such as a national labor market that is shedding more and more jobs every week, bankruptcy filings that are trending upward, and foreclosure floodgates that are wide open with no end in sight. Once again history repeats itself, and as a result there is an abundance of foreclosure properties available that lenders want to get off of their books now.”
According to the RealtyTrac U.S. Foreclosure Market Report for October 2008, the nation’s foreclosure activity increased 5 percent from the previous month and was up 25 percent from October 2007. One in every 452 U.S. households received a foreclosure filing in October.
RealtyTrac has come to be known as the go-to source for foreclosure information by the national media — broadcast, Web-based and print — and is relied on for foreclosure data by myriad state and federal governmental entities, including the U.S. Senate Joint Economic Committee, the U.S. Treasury Department, the Federal Reserve, the FBI and the New York State Banking Department.
As a spokesman for the company, Sharga has been widely quoted by the news media on subjects ranging from foreclosure trends to general real estate and financial market conditions, mortgage banking, interest rates and technology. He has appeared on NBC Nightly News, CNBC, CNN, CBS, ABC World News Tonight, Fox, Bloomberg and NPR. He is frequently quoted in The Wall Street Journal, The New York Times, The Washington Post, the Los Angeles Times and many other major daily newspapers.
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/.
949.502.8300 Ext. 139
949.502.8300 Ext. 268
Detailed & Historical Data:
949.502.8300 Ext. 158