Barry Owens in Rick’s Room

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.

Rick’s Room – Conversation with Mike Harris & Barry Owens

(Edited for clarity and readability)

Rick Grant:
Welcome back to Rick’s Room. This is the show where we imagine we’re at the end of a long conference day—finally spotting the person we’ve wanted to talk to all day and getting that real conversation.

One of my favorite people to talk to is Mike Harris. Mike, thanks for being here.

Mike Harris:
Always a pleasure, Rick.

Rick:
Last week, you mentioned bringing someone on the show you wanted to talk with. Tell us about that.

Mike:
Absolutely. I brought in some bench strength—a longtime friend and industry veteran, Barry Owens. Someone I’ve known and worked with for decades. I’m excited to have him here.

Barry Owens:
Thanks, guys. Appreciate you having me.

Rick:
Barry, it’s great to finally have you on. You and I have talked about the industry, housing, and the world for years. You’ve recently joined Black Dome—tell us about that move.

Barry:
I started my own company about five years ago and recently exited. While exploring opportunities, I reconnected with the team at Black Dome—relationships that go back to my servicing days in the mid-90s.

After talking through strategy and goals, it became clear there was strong alignment. I joined about a month and a half ago, and I couldn’t be happier.

Black Dome operates nationally in property preservation and asset management, and is launching a materials supply division. When you combine that with their partnerships, joining the company made a lot of sense.

Rick:
You and I have watched this industry evolve for decades. What’s your perspective on where lending and servicing stand today?

Barry:
COVID changed everything. Predictions we made five years ago didn’t happen. Instead of a crash, we saw massive appreciation—especially in Texas, Florida, and Arizona.

Now we’re in a pause. Interest rates and pricing have slowed activity, and properties are sitting longer. But it’s extremely area-specific. Some markets are softening, others remain strong.

Rick:
What do you see as the main drivers—or potential release valves—right now?

Barry:
It’s not one thing. It’s the aggregate. Higher rates, rising consumer debt, student loan repayments resuming, and escalating taxes and insurance, especially in states like Florida, Texas, and California.

Once escrow payments spike, people may be forced to sell. That’s where stress emerges.

Rick:
Let’s talk mortgage servicing and loss mitigation.

Barry:
Post-COVID protections made loan modifications easy. That’s changing. Restrictions are tightening, especially in FHA portfolios where defaults are rising.

People who bought in the last three years—near the top—may be the most vulnerable as these pressures converge.

Rick:
Before we wrap, what excited you most about Black Dome?

Barry:
Property preservation exists in every market. Whether housing is strong or weak, it’s always needed.

I learned during COVID that some assumptions don’t play out. Preservation offers a durable opportunity across single-family, rental, and multifamily spaces. With Black Dome’s wraparound services, it felt like the right landing spot.

Rick:
Gentlemen, thank you. We’ll definitely continue this conversation.