Week In Review - What the passing of BIlly Mays and Michael Jackson can teach us...

There was easing in rates from a couple of weeks ago, as in about .25% better. This has helped us drop down to the mid 5% range again for qualified borrowers. The discussion is that this trend may continue and we may see them come down a bit more over the next couple of weeks. However, nothing in life is ever guaranteed but if you look back to my rate sheet update from early June, I mentioned they might ease in July, August and September. See sometimes even I get lucky!

In other News:

• November 30, 2009 is the Deadline for the 1st Time Homebuyer Tax Credit - Why mention this in early July??? Because we all know how long short sales can take, especially if you are working with a buyer who is making offers on short sales. Soon, if they want to take advantage of the tax credit, they may need to begin looking at other types of purchases that might move quicker. The worst thing would be for a buyer to get a home the 1st week in December and miss out on the tax credit. Food for thought.

• Monetizing the $8,000 Tax Credit - In addition to the above deadline, there has been some circulation as to the ability to monetize the $8k tax credit. Monetize = using the money as an additional down payment or to help offset the costs associated with closing the loan. The $8K cannot be used as part of the down payment and as of now I haven't come across any companies that are working with borrowers to help them monetize the tax credit. I may have given this information already but it's a good refresher. See below:

• WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

• Tribute to Michael Jackson- Last week, while heading to Whistler, BC (an hour north of Vancouver and a very gorgeous place to visit indeed); the news came out that the "King of Pop" died. Sometimes we think these things are insignificant, but the man truly crossed all boundaries. The coverage in Canada was as prominent as that in the US as it was the only thing on the radio and news. The interesting part is truly what his genius built. You don't have to be a fan of Michael Jackson as a person to see what his body of work means. There is no doubt that someday, should I have a little boy, he might try the moonwalk and to emulate the dance steps in "Billie Jean". Michael Jackson was an interesting character but he gave lasting memories to many people all over the world and that is a feat all on its own.

Often we miss greatness only when it's gone and we fail to realize the lengths at which one must strive to become great. People who some may consider great, pour their lives into becoming great at their passion. Think Abraham Lincoln, Wayne Gretzky, Michael Jordan, Michelangelo, George Washington, Bill Gates, and the list goes on and on. Greatness is achieved and earned, not given.

The last example of this was when watching "Pitchmen" a show on the Discovery Channel about Billy Mays and his partner Anthony Sullivan (in a nutshell they help inventors sell their products). In the show, they played an old clip from 1983 of Billy Mays, the renowned Oxi-Clean guy, selling a car shami on TV. They all had a good laugh about it. Why...because it was really bad. It didn't even seem like the same Billy Mays. But he worked hard, honed is craft and in the end became the most successful TV Pitchman of all time. His greatness isn't defined by his early beginning but that he was determined to become great at what he did.

We might all do better by learning from this example. The biggest decision lies in where we decide to be great.

HAPPY 4th of JULY.