HOUSINGNEWS REPORT
MY TAKE
Encore Performance
RICK SHARGA EXECUTIVE VICE PRESIDENT, CARRINGTON MORTGAGE HOLDINGS, LLC
America loves a good second act.
of homes sold peaked at over 7.2 million existing home sales and nearly 1.4 million new home sales in 2005. Home prices soared — the median existing home price peaked at $230,400 in July of 2006, up 57 percent from July of 2000 — and new home prices peaked at $250,400 in October of the same year. A home was no longer just a place to park your car — increasingly, it was a place to park your money, and everyone wanted to become a real estate investor.
about an individual — or even about people, at least not directly. It’s about mortgage loans. And it’s a pretty amazing story. Act One: The Great Recession The housing boom of the early 2000s, you may recall, was followed immediately — and rather unceremoniously — by what may have been the most rapid and most severe housing bust in U.S. history. During the boom, homeownership rates, fueled by reckless lending, approached 70 percent. The number
This is especially true when the first act was depressing, or an individual suffered unfairly, only to come out on top during the process of rebirth. Usually, a second act has to do with a person who’s spent a lifetime doing one thing and has now found an opportunity or a calling to pursue something he or she is passionate about, or can achieve great success doing. But one of the least-noticed second acts in America today isn’t
22
MAY 2018 | ATTOM DATA SOLUTIONS
Made with FlippingBook Online newsletter