RESOURCE
HEADLINE NEWS WITH
Bubba Mills R
ecently, The Power Is Now interviewed Bubba Mills, Chief Operating Officer and Managing Partner for Corcoran Consulting & Coaching who shared some great insights regarding the latest issues affecting the real estate industry. It was a very informative interview and a lot of the listeners tuned in to th
e broadcast over at The Power Is Now online radio were able to learn a lot from the discussion. Among the topics covered during the interview ranged from the state of the industry as a whole, the Mortgage Relief Act, home prices and the increase in rental demand, how holiday buyers are having a higher conversion rate and the Real Estate Dominance Bootcamp to be held from February 6 to 8, 2013.
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Bubba Mills is a real estate expert who promotes best practices in the development of innovative ideas in real estate owned (REO) asset management. He is an outspoken advocate of compassionate REO disposition and corporate responsibility. He was a former REO Operations Manager for Financial Asset Services and has held positions as a High Risk Loss Mitigation Manager for Option One Mortgage, Mergers and Acquisitions for WJ Bradley, Wholesale and Retail Operations for First Magnus/Charter Funding and Pool Sales Department for four major companies. He currently serves on the Asian Real Estate Association of America (AREAA) Advisory Board, the National Association of Hispanic Real Estate Professionals (NAHREP) Board of Directors, Women in Default Services (WinDS) Education Committee and as a member of the Connecticut Mortgage Bankers Association (CMBA) Education Committee. He is also the Exclusive Five Star Institute REO Certification Instructor. Part 1. THE STATE OF THE INDUSTRY Q: What is happening in real estate? A: The September edition of REALTORS速 Confidence Index published monthly by the National Association of Realtors
(www.realtor.org) has some very interesting statistics. It states that the average number of homes sold every day in the United States is 13,205. Of those numbers, 31% are first-time homebuyers while 18% are investors and 27% are all-cash buyers. This means that all-cash buyers are almost equal in number to first-time home buyers. There are a lot of things happening in the real estate market including uncertainty with consumers, instability in employment and continued restrictive mortgage availability with tight underwriting standards which continues to be a problem among real estate agents. A quick look at the real estate market will reveal that the housing industry is in the biggest crisis that it has ever been in. First, there was a huge mortgage boom and then the industry went into an REOdominated marketplace. After the robo-signing scandal, the Mortgage Electronic Registration Systems (MERS) and now the Attorney Generals settlement, the industry is now in a short sale