Five Star President and CEO: Housing Microbubble Ahead

first_imgSubscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, News, REO September 18, 2017 2,734 Views Five Star President and CEO: Housing Microbubble Ahead Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Federation of Certified REO Experts (FORCE) met Tuesday at the annual FORCE Rally within the 2017 Five Star Conference and Expo. Ed Delgado, Five Star President and CEO, spoke to the state of the industry, which he says is headed toward a microbubble.“The market is about to change and we need to be ready,” said Delgado. “REO is going to increase in 2018 as we see more fractures in the market—how much is determined by location and how big the fall off in price points will be.”According to Delgado, the real estate market is white hot while demand is still strong. These factors are driving price points, appreciation, and values way up. However, 5 to 10 percent spikes in appreciation along with price points that are overvalued by 15 to 20 percent aren’t a new observation—it’s something he witnessed in 2007 and 2008.“This is what we think will happen in the next year: Regional or microbubbles will start to burst—pay attention to Denver, Dallas, San Antonio, Las Vegas, Phoenix, Los Angeles, and San Francisco,” said Delgado. “Delinquency will rise and foreclosures will increase.”Additionally, after being devastated by Hurricanes Harvey and Irma respectively, Delgado said Houston has an understated delinquency population by as much as 300,000 while Florida homeowner insurance deductibles will create long-term hardships putting a greater financial strain on homeowners.Delgado also spoke at the American Mortgage Diversity Council (AMDC) meeting Monday, detailing that though the group is working toward a better mortgage industry, there is still more work to be done.In 2016, Judy Dominguez of Cherry Creek Mortgage, a residential lender based out of Greenwood, Colorado, had her spousal health insurance revoked and was saddled with about $40,000 in medical bills after her wife had a heart attack. Though they have a recognized marriage, the bank cited the decision to revoke as recognizing marriage as a union between a man and a woman.“Every once in a while when discussing the AMDC I’ll have a well-meaning executive ask ‘what’s the point’,” said Delgado. “Ensuring that stories like this don’t happen again is the point.”Delgado said that discussions are important and should be had, but anyone can pull professionals together so they can say the right things and feel good about themselves. Once the steps are defined, they must be walked out.“It is up to each of us to pursue the change that we want to see with passion,” Delgado said. “The stakes are simply too high for us to give anything but our best.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: AMDC Diverstiy FORCE Housing Bubble Inclusion About Author: Brianna Gilpin Sign up for DS News Daily Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago UPDATE: Though the company believes it was at all times acting within its legal and business rights, Cherry Creek Mortgage issued the following statement on August 24, 2017:”Cherry Creek Mortgage has taken this as an opportunity to reevaluate and change its health care policy. Going forward, it will cover same sex spouses in its health plan effective immediately. The company believes it is consistent with its values, and in the best interest of its employees and community.” AMDC Diverstiy FORCE Housing Bubble Inclusion 2017-09-18 Brianna Gilpin The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Five Star President and CEO: Housing Microbubble Ahead Previous: REO Update: RES.NET Launches Asset Strategy Tools Next: Five Star President and CEO: Not One Voice, Collective Voices Sharing a Common Vision Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] last_img read more