This week the Mortgage Bankers Association announced that their CEO, David Stevens, would retire effective September of 2018. NAHREP released a statement about Stevens shortly after the announcement was made public. I am a product of the mortgage industry and was on the board of the MBA when they hired Mr. Stevens directly from his post as FHA Commissioner. I’ve known Dave for more than 15 years. He is a silky smooth speaker and shrewd negotiator and leader, but he has a soft spot for America’s underserved and minority communities. Under his leadership, the MBA and the mortgage industry rose from the ashes to an all-time high – and organizations like NAHREP surged into unprecedented prominence. This past year, Dave has been battling cancer. He has openly dealt with that challenge with courage, humor and uncanny dignity. Last year he penned a blog on his LinkedIn page sharing his personal feelings about his experience. Dave’s cancer is in remission. His health is in a good place and his legacy is secure.
It has been long understood that a nation of stakeholders makes for a strong union, and for that reason, closing the minority homeownership gap has been a goal and a topic of discussion for decades.
Between 2008 and 2012, more than six million people lost their homes to foreclosure, property values lost almost 40%, and non-distressed home sales fell to all-time lows. It was, without question, the worst real estate market since the great depression. Not surprisingly, the historic dip in the market was followed by a decade-long bull market, the likes of which we have never seen before. Residential real estate is a cyclical market. The...
There is a saying that goes “when the tide rolls back, you can see who is swimming naked”. When the market is strong, it covers a lot of weaknesses. With interest rates moving up, inflation on the rise, and the economy heading towards a possible recession, we’ll find out soon how solid the foundation of the real estate market has been, and more importantly, which companies and agents have built a strong, recession-proof business.