Foreclosure crisis to have three waves of pain, RealtyTrac exec says

While some may be optimistic than a nationwide residential recovery is underway, Rick Sharga, senior vice president of RealtyTrac, told the Wall Street Journal that the foreclosure crisis may be a three-wave epidemic, with more foreclosure activity ahead. “We’re setting new records almost everyday in terms of foreclosure activity,” Sharga said. “It’s really not getting any better right now… we’re not at the end of this by any stretch of imagination.” This morning, RealtyTrac released its year-end foreclosure data report, which showed that foreclosures rose in December for the first time since July’s peak.