RealtyTrac's Sharga sees no housing recovery before 2015

It will take at least another year to work through the glut of REO inventory in the market and yet to come to market, according to Rick Sharga, senior vice president of RealtyTrac.

Speaking at HousingWire's 2011 REO Expo in Fort Worth, Texas, Sharga said the housing market is years away from full recovery, and he expects 2012 and 2013 to look similar to this year as the industry grapples with levels of distressed properties never seen before.
...

"Unsustainably high home prices, exacerbated by what we can only euphemistically call 'really, really interesting lending practices,' " led to much of the bubble and subsequent bust, he said.
...

He said a growing backlog of seriously delinquent mortgages, as evidence the industry is about to be hit by a second wave of foreclosures. And a high level of adjustable-rate mortgages getting ready to reset may result in yet a third wave.

Article here: http://www.housingwire.com/2011/06/14/realtytracs-sharga-sees-no-housing-recovery-before-2015

Not an economist or specialist of any sort, but it seems clear to me that waiting for 'recovery' in housing market is a foolish excercize.

Builders, electricians and contractors will eventually give up on the industry. Manufacturers of building materials will switch to other industries and uncollaterized debt will be liquidated.

IMO the source is correct. Markets take years and years to sort out a mess of this scale.