Report: Housing market would take 3 more years to clear foreclosures

10/4/2010 | Reuters

The real estate market needs three more years to relieve itself of foreclosed properties, RealtyTrac predicted in a report. Data showed that deeply discounted foreclosed houses accounted for almost one in every four homes sold in the U.S. during the second quarter. "Our projections have been that we will get through the distressed inventory largely by the end of 2013, and these kinds of numbers are on target to get us there," RealtyTrac senior vice president Rick Sharga said in an interview.

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