Bruce Norris is joined by Vice President of Marketing for RealtyTrac and panelist for I Survived Real Estate 2008, Rick Sharga. Bruce and Rick discuss preventive measures currently in the works to help the current real estate downturn, how these solutions are structured, market psychology, lenders being risk averse, social trends contributing to problems, lenders and the dance with Wall Street, the consumer and lenders as the true speculators, the definition of market value being skewed, RealtyTrac keeping up with the sheer numbers of foreclosures, military foreclosures and issues because of volume and people falling through the crack, fraud in the marketplace, how RealtyTrac counts foreclosures, conversation rate for notices of default, alt-A loans and what’s coming next, equity positions and behavior of different consumers, percentage of consumers buying with the intent to walk away from another home, the unintended consequence of adjusting principle on loans, percentage of US housing units facing foreclosure, REOs dictating prices in a market when they are the majority of listings, looking at the rest of 2008 and 2009, other areas not in the same position as California, other states that are doing well, California adjusting to allow for massive migration, why California could be extremely attractive in the coming years, underestimating the impact real estate had on jobs, auction attendance, the Internet and auctions in the coming years, bid4assets and RealtyTrac, shill bidding and the Internet auctions, realtytrac.com, isurvived2008.com
Rick joined RealtyTrac in 2004 as the Vice President of Marketing. He is responsible for building and maintaining the RealtyTrac brand, corporate positioning and messaging, public and investor relations, and marketing communications activities. As a spokesman for the company, Rick has been quoted extensively in the press on foreclosure, mortgage and real estate trends, and appeared on NBC Nightly News, CNN, CBS, ABC World News and NPR.
Prior to joining the company, Rick spent more than 20 years developing corporate and product branding strategies for technology start-up companies and international corporations such as DuPont, Fujitsu, Hitachi and Toshiba. Rick created and executed successful sales and marketing programs in B2B, technology, consumer electronics and retail for companies like JD Edwards, Philips, Cox Communications and Honeywell.
Rick began his career with one of the world’s largest ad agencies, Foote, Cone and Belding, and also had successful engagements with Ketchum Communications and McGraw-Hill. He founded his own consulting firm, CJ Patrick Company, in 2002 to help companies develop business and brand strategies that clearly communicate a unique value proposition, create a position of competitive advantage, and leverage the strength of their brands in the marketplace.
A nationally-recognized speaker on Branding, Rick spends his spare time taking Tae Kwon Do classes with his 10-year-old son, and trying to keep up with his increasingly-mobile 4-year-old daughter. He also continues in his lifelong quest to find the perfect wine to compliment his BBQ'd baby back ribs.
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