The State of the Mortgage Market
In this episode of Rick’s Room, Rick Grant sits down with longtime mortgage and servicing industry veterans Mike Harris and Barry Owens for a wide-ranging, unscripted conversation about the state of housing, mortgage servicing, and where real stress may emerge next in the U.S. market.
A key theme is regional divergence. Barry notes_toggle markets like Palm Springs, California—where investor-driven price drops contrast sharply with nearby areas that remain strong. Similar patterns are emerging across Florida and other high-growth states, reinforcing that today’s housing stress is hyper-local, not national.
Rick and Mike push the discussion toward systemic pressure points. Barry outlines a convergence of factors that could trigger distress:
Elevated interest rates relative to recent norms
Rising credit card and auto loan delinquencies
The resumption of student loan payments, including wage garnishment risk
Escalating property taxes and insurance premiums, particularly in Texas, Florida, and California
The episode concludes with Barry explaining why property preservation remains a compelling space regardless of market cycles. Drawing on his experience launching an eviction management company during COVID, he shares how preservation services quietly underpin the housing ecosystem—from single-family rentals to multifamily and REO—making Black Dome a durable long-term platform.
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