Interesting how perspective can change in just one quick second.  As soon as news that the tax credit extension had been approved (see attached document), it seemed people weren't quite as pressured to buy a home, "right now".  That isn't at all a scientific observation, but perhaps just a feeling since there were a lot of people, realtors and lenders included, who breathed a sigh of relief.  As a result of the extension, a few borrowers that were concerned about the deadline can now take a bit more time to find the home that works the best for them without feeling rushed.  Not to mention the added benefit of continuing to help first time home buyers with a lasting benefit in the form of cash back from the government (even if it sets the deficit nationally further in the red - yes the statement is too political for this email so no further mention will be made of it, excuse the lapse in judgement...HAHA).  Again, it's that whole perspective thing.

Nevertheless, rates held steady through the week and at this point on Friday, the market is saying to "bail out", which just means to be patient to see how the market moves.  Again, there isn't a better time to buy a home then when you are ready.  And if you are ready when rates are historically low and the government is giving you money, then by all means...buy a home.

Besides the most important news (see above) there were some other interesting items:

•·         Consumer Credit Fell - AGAIN! - For the eighth straight month consumer credit fell and people were borrowing money at a slower pace than in the past.  It seems we are moving toward cash and away from credit.  But if it is any indication on the upcoming Holiday season, many retailers may be in for some hard times.  In some cases, there are stories of retailers beginning their "Black Friday" sales this weekend.  Retailers such as Walmart (no surprise there J ), Sears, JC Penney, etc. are having blowout sales every weekend leading up to "Black Friday", all in the hopes of capturing some of that consumer spending which may be very muted this year.  It will be an opportunity for many to find great deals throughout the end of the year and leading all the way up to Christmas.

•·         Credit Policies continue to tighten -  The question always looms: when will the easing on the credit markets occur?  When will it not be a battle to the finish line, with the Loan Officer asking for the borrowers' blood to get the deals done???  It seems that in some areas changes are taking place, but not always for the good.  For example, trailing secondary wage earner income is no longer eligible income for any conventional loan transaction.  (Trailing Secondary income - if a borrower is relocating and the old job will end before the new job begins, the old income cannot be used to qualify). Investors are now asking for three months bank statements for retirement/pension income.  There are more guideline changes and credit policy changes that will increase the paperwork needed for many borrowers.  Surely one would think these are not standard with every investor, however, they are derived from Fannie Mae and Freddie Mac and will become commonplace as we move forward.

•·        Phoenix Coyotes are 10-6, Phoenix Polar Bears work to raise money for Breast Cancer - If you are a hockey fan, which I am, then you will be pleased with the new brand of hockey the Coyotes are playing.  They compete and battle all over the ice, it isn't always flashy but they seem committed to defense and playing the game with intelligence which has led to a decent start.  Sure, it will still be a long shot to make the playoffs, but at least they are enjoyable to watch.  So long Gretzky!  If you are interested in continuing the donations for Breast Cancer, the Junior team that I am involved with is hosting a walk tomorrow morning.  You can read more about it at the website: Making Strides for Breast Cancer.  You can also check out the webpage at www.phoenixpolarbears.com to see our website and its facelift to commemorate Breast Cancer Awareness. 

(P.S.  We carry Breast Cancer awareness into November due to our season schedule - but, hey shouldn't we be aware of dangers to our loved ones at all times)

With the passing of Summer and the arrival of Fall; the Holiday season begins to quickly approach.  There were a couple items of note this week within the mortgage market and within the real estate market.  So let's get right to it.

• Government to continue buying Mortgage Backed Securities - The government stated earlier this week that they plan on tapering back the buying but will continue to buy Mortgage Backed Securities until March of 2010.  This may not seem like much on the surface but if the government stops buying these Mortgage Backed Securities, we are most definitely in for an increase in mortgage rates.  As such, the announcement they would continue to buy them and extend it out past the original October deadline had rates dropping at the end of the week.  Again, another positive sign as people search for those affordable homes and secure low mortgage rates that will keep their home affordable for years to come.

• Housing re-sales were down 2.7% - In news that brought everyone back to reality a bit, the number of re-sale homes sold in August was down 2.7% though the projected number was for the re-sales to be up 2.1%.  The reasoning behind the decrease in sales is partly due to the amount of foreclosures coming back on the market.  If you will recall, I mentioned that this may happen back in May or June when discussing the market.  Mostly this decline is due to increase in foreclosures back on the market and the slow-down as families move back to their normal routine of school, etc.

Of Note:  the numbers may go back up as the end of the tax credit for FTHB's looms large.

• For Real or Just Pretending - That's right are the Cardinals for real or are they just pretending to be a good team.  I guess in hindsight we can feel a bit better about the loss to the 49ers based on their performance against the Seahawks last week, but still, we should have at least won the game.  I think this week against Peyton Manning and the Colts, though the season is only 3 weeks old, will be a nice test.  We are definitely the beneficiary (or at least could be) of a tired Colts defense that played for 45 minutes on Monday night and had 80+ plays against them.  Hopefully we can let it fly and end up with a nice win.

Lastly, as part of my work in the Ice Hockey community, I am the co-Chairman for our upcoming Golf Tournament to raise money for players within our organization who need scholarships.  It is a great event and I have attached the flier for you to see.  I would love to have some of you join me as we raise money for these kids and help them reach their dreams of playing competitive youth hockey and one day, for some, college hockey. 

Rates improved slightly this week as we have seen swings of about .125% in either direction of the 5.5% mark over the last couple of weeks.  These rates do help keep home owner affordability up, which in general is a good thing.  As far as market news, check this out:

1.       Housing Market set to enter new stage??? - I am not a person that entertains bad news easily.  However, I do like to read different perspectives on the market so that I can be well versed in potential trends.  For example, in this article, "Housing Crises set to enter new stage.", the author explores some very interesting statistics that might make some hold still before jumping into the market.  The analysis was on how buying trends are not following a normal pattern, foreclosures are beginning to affect even prime borrowers, and the multitude of ARM loans set to readjust.  Those three points could definitely have a drag affect on the market, and by drag I mean drag down affect.  Nothing is certain but we have to definitely keep our eyes on the overall picture and not just a short snapshot of the last couple of months.  It is the prudent thing to do.

2.       Extend and EXPAND the tax credit?  Are they crazy or smart? - That is right, apparently major lobbying is taking place to extend the tax credit and to even EXPAND it by way of the amount of tax credit and to more buyers (i.e. not just FTHB).  Over the last week I have begun to see more and more of these articles/blogs discussing the possibility of extending the tax credit.  I don't know if it is a right or wrong question as to whether or not we should take action to extend the credit, there is simply too much gray?  We do know that it has helped many FTHB in getting a break for buying the home, but it hasn't had as much of an impact as say, Cash for Clunkers program.  Namely because obtaining a mortgage is a bit more stringent than obtaining a car loan.  Regardless, I believe an extension could help, but I believe expanding it will not help the market.  Further, if the expansion of the credit is tied to the extension of the credit, it might be rejected all together.  Just food for thought.

3.       Ways to Beat the Slow Down - That's right, as football season begins and the holiday months roll in, typically the housing market slows down.  So, in order to keep from letting the slow down affect you, here are some tips:

                    a.      Revisit old contacts - There are a ton of people in our lives that may be able to help our business succeed and in turn you may be able to help their business succeed.  Reach out to old contacts, past clients, etc. and get them excited about homeownership opportunities. 

                    b.      Amp up Marketing ­- That's right before you are slow, see it in front of you and be determined to keep it from happening.  Come up with a seasonal slogan or something exciting that you can talk with people about so that instead of missing the boat, you find yourself on a cruise ship of opportunity.

                   c.       Grind it out - There is something to be said for plain old grit.  Understand that with the holidays and family pulling people in different directions it may be difficult but it isn't impossible.  Be determined to keep business going strong and make it fun through competition or other means.  Remember, sometimes a bit of elbow grease will get the job done.  Nothing takes the place of old fashioned hard work.

As always, my number is 602-670-3272.  Your referrals and business always makes me smile.

Just an FYI - there are only 104 Days left before the $8,000 First Time Home Buyer tax credit expires.  We don't know for sure if it will be extended but as of now no news has come out stating that it will.

All purchases must be closed by November 30^th in order for First Time Home Buyers to take advantage of the credit.  If you have any clients on the fence, now would be the time to get them off the fence and into their first home.

They can enjoy the benefits of:

• Historically low interest rates that helps the homes AFFORDABILITY.
• Real estate market with prices so low they are on SALE.
• Loan programs that allow for minimal DOWN PAYMENT. (FHA, USDA, VA, etc.)

That is just the tip of the iceberg.  If the homeowner stays in the home for 10 years, their minimum investment can turn into a return of over 300%+.  Now that's a great deal!

If there is anything that I can do for you and your clients, just give me a call at 602-670-3272.

Effective today the following changes have occurred, though the FANNIE MAE announcement came on June 8th they weren't effective until today.

The changes are:

• Credit Reports are no longer valid after 90 days. -- This means that if a report is pulled on the 10th of August, you have 90 days for the loan to fund and close.  If that doesn't occur a new report will need to be issued.  The new report may affect the loan status report. 

EFFECT FOR REALTORS: Make sure the client that you are working with is continuing to manage their credit properly by staying in touch with the loan officer.  If they are toeing the line with their credit, any small hiccup along the way can go from approval to denied.

• Credit Card financing of up to 2% of customary fees paid outside closing. -These fees include home inspection fees, termite inspection fees, etc.  However, we as the lender must confirm they have enough liquid cash to cover the fees or recalculate the credit card payment to include the amount they have financed. 

***Remember no part of the down payment can ever by financed using a credit card.

EFFECT FOR REALTORS:  Make sure the client has sufficient funds to cover not just the total closing costs but any outside closing customary fees.  It can mean they need more cash to close, they can't just "charge them" without it affecting the loan process.

• Tip Income: All tip income can only be used if it has occurred over the last two years and the borrower has documentation via tax returns from the previous two years to support the income.  They must also have acknowledgement from their employer that it is likely to continue. 

EFFECT FOR REALTORS:  Think along the lines of self-employed borrower when it comes to tip income. 

• Proof of Liquidation for Stocks, Bonds or Mutual Funds: In the past it wasn't necessary to prove these funds were liquidated.  They just needed to be available.  However, if the borrower is using these funds to qualify for down payment, etc. then we will need to prove the funds have been liquidated for the down payment.  This percentage has also been lowered to only 70% of the total amount as allowable for down payment and closing costs.

EFFECT FOR REALTORS:  Borrowers have to be willing to liquidate their stocks, bonds, and mutual funds.  If they are not, then those funds can't be used as down payment.  Further, if they say they have $10,000 we can only use $7,000 as allowable.  Again they must prove they liquidated those funds.  Make sure the client is liquid enough to purchase the home.

It doesn't get easier, but knowing what we are up against helps us properly communicate to the clients the necessary expectations, requirements and needs for the loan transaction.  As long as we stay out in front and don't lag behind we will make the client happy and they will continue to refer that precious business.

Have a great Monday.

It's mid-week and you are wondering, "How can I get a couple of these buyers off the fence???" 

They keep asking:

• What if prices drop further?
• Have we reached the bottom of the market?
• Should I look for a short sale or a foreclosure?
• Isn't it still a buyers market?  Can't I put a low bid on the property, I don't want to offer full price?

All that said; here are some little tidbits of information to counter-act those common questions.

• Prices have dropped 53% since the peak median price in June of 2006.  However, the current market shows that for the past three months the median price has gone up from $116K in April of 2009.  Let's say there is a slight possibility that the home prices drop 5% in the next year.  Consider though that most people (outside of VA and USDA Rural Housing program) are committing at least 3.5% towards the down payment.  Worse case scenario they lose 1.5%.  Further, consider that if after we lose the last 5% we begin seeing normal/historical levels of 3% appreciation, then after 14 years of living in the home (this is the Census Bureau's estimate of how long someone owns a home after purchasing it) the homeowners have gained 37% in appreciation.  On the down payment of $4,375 (initial investment) and the future potential sale of $171,250 in 14 years the borrower stands to have a return on investment of 1000%.  Clearly a scenario in which the borrower wins, even if prices drop further.   

• Like anything in life, everybody looks for the best deal.  The question isn't when the best deal happens it is what side of the deal you want to be on.  For example, would your rather buy right before the bottom of the market or right after the bottom of the market?  I vote for right before the bottom (even if you lose 5% - see scenario above).  The reason right before the bottom is the best is because you, as the buyer, still have the advantage.  If you ask for the fans to come with the house in a market where the sellers are eager to sell, you will have an easier time getting them.  If you ask when the sellers are having an easier time selling their item, they might want you to pay for the fans.  It's just a classic example of why buying right before the bottom, when people are fearful is better than buying when people begin to get greedy.  Don't give the seller that opportunity.

• Short sales are on the rise.  In June, there were 9,350 total sales per ARMLS.  Of those 9,350, 13.4% were short sale and 57.2% were foreclosure.  That is highest number of closed short sales and lowest number for foreclosure percentage since the beginning of the year.  However, the moratorium on foreclosures was recently lifted and so we may see an increase in that percentage in the next few months.  Why would you steer the client away from short sale?  Time, Effort, and most important cost.  Short sales on average cost $82.88 per square foot while Lender Owned homes cost $63.36 per square foot.  Basically there is more foreclosure inventory and a better price to be had for that foreclosure inventory.

• Depends on your Market!!!  Homes from $349,999 and down have a maximum of 4.6 months of supply, while homes under $99,999 have only 1.9 months of supply.  Those markets are quickly becoming a sellers market, where closing cost contributions and any help from the seller will be limited.  However, if you have a savvy borrower that can get into the $350+ range, they may still make out like a bandit in this market.  According to ARMLS, the inventory jumps up to 7.4 months of supply from $350K and on range.  You might still be able to get a lower offer into a $400K property and make it fly, perhaps even to the point where they could use the max financing for FHA of $346,250. 

See it really depends on easing the minds of your client.  It is never easy, but with statistics and examples, it is easier to persuade someone that they are making the right move, best offer, and are generally moving towards their home purchase in a manner that sets up for success and limits failure. 

Best of luck and Keep on Selling!

All statistical data taken from ARMLS for Greater Phoenix.

Rates were up, then down and have now closed the week where we left off last week.  Overall though, they are faring better towards the end of this month, then they did at the end of June. 

REMINDER:  MDIA (Mortgage Disclosure Information Act) went into effect yesterday so be on the lookout for lenders that aren't on top of the deals because too many changes can cause delays to closings. 

Week In Review:

• Economic News:
  • Value of homes increased for the first time in 3 Years...that's right the article discusses how the value of homes has increased, however slight the impact was there is still cause for concern as pointed out in the article, "Is the Housing Market Recovering?" by Anthony Mirhaydari.  My opinion, the lower end properties have reached their low point with a few oddities and deals here and there, the higher end homes though may still see some dropping in prices as the loss of jobs and economy impacts the wealthier individuals. 
  • Gross Domestic Product dip was smaller than expected - We aren't out of the "recession" as the economy is still shrinking, but we are making progress.  Some top economists believe the businesses have made the "necessary adjustments" and will begin to grow through the summer.  The only concern is that the Unemployment Rate is still climbing and expected to hit 9.7% when the July numbers are made available.  That would mean 1 in 10 people don't have jobs.  That isn't so good. 

• "Cash for Clunkers" - A slight success: Call it what you want, but this little gem of a program still proves that we will do whatever we can to get stuff for cheaper.  The $3500-$4500 incentive to trade your old "clunker" in for a newer, more fuel efficient car had an impact on car sales and on the availability of the government funds.  The government, because we all had such beat up cars (wink, wink), had to allocate more money to the program because people were being turned away.  I get the idea of the program but am still amazed at our willingness to take on more debt in an effort to get a newer car.

For example:  Say you own your 99 "clunker" free and clear, it runs well and you can put another 60K miles on it and you average about 15K a year...so you have four more years with the car, if you maintain it.  Now with the incentive you go look at a Toyota Camry Hybrid and its MSRP is $26,150. 

The dealer probably won't come down much because of the program, so let's take off $4500 and your new base price is $21,650.  Now they aren't offering additional incentives but they do give you a rate of 4.5% on a 72 month term.  You bring in an extra $3500 of your own money to put towards the car.  So you are looking at $18,150 plus taxes (we will leave out the fees) which brings the total to $19,656.45.  Your monthly payment is now $322.56.  So for the next six years you will be paying the $322.56 a month. 

Let's go back to the top.  You keep your $3500 in the bank and begin adding the $322.56 a month to it for the next four years and at that time you will have $18,982.88 in the bank by keeping your old car. Just shy of the total price but two years short of what you still owe if you had purchased the car.  What does it all mean?  Pretty simple you save yourself $7,734.24 over the two years that you don't have the loan.  Factor out the incentive and you still lost $3,234.24 by using the "cash for clunkers" program.  Not only that but you are saddled with HAVING to pay the $322.56 a month vs. the flexibility if you were to need to allocate it somewhere else. 

Nothing's perfect and you would have to assume the maintenance costs on the new car would be similar to that of the old car during the same 4 month stretch, but in reality it might be a better way to go.  Maybe the incentive isn't so great after all - but it doesn't keep us from buying new stuff when we have a little incentive.

• Couple Questions to you As Realtors??? - You can respond by commenting in the post.

•  
  • Would you prefer more transparency in the lending side of the equation? (i.e. automatic email updates during the loan process on appraisals, docs drawn, etc.)
• • How much knowledge do you prefer on the loan side (i.e. guideline changes, updates, basic loan information, etc.)? A Ton, Some, Not Very Much, Very Little, None
• • What is the best way that a Lender can help you as the Realtor? (Listing Fliers, Phone Calls, Open Houses, etc.
• • What are some creative ways that a Lender has helped you or could help you?
• • What is the number 1 most important attribute in a Lender that is working for your client and ultimately, you?

Just some questions I have wanted answers to for a long time. 

Thank you and have a great weekend.

Rates improved slightly in some areas this week.  30 YR Fixed rates on conventional loans are at 5.5% with 0 Points and 0 Origination Fee.  On a 15 Year FHA Fixed deal the interest rate is 4.5% with 0 Points and 0 Origination Fee. Not too bad if you have somebody that wants or needs to refinance or can afford a shorter loan with a lower interest rate.  There still may be one more drop in interest rates to the very low 5's on 30 year fixed rates, but it might be too much of a gamble to see that one play out.

• Housing Numbers slightly better than expected: So I read an article this week about the housing numbers improving a bit.  They discussed the inventory decline and the prices stabilizing in many markets.  However, I couldn't find the link today to send it.  Instead I thought I would turn the question to you, the realtor.  What are the numbers?  Do you look at the statistics from last year vs. two years ago and even further back?  Are there trend patterns to follow as a buyer?  Are the buyers educated as to what will happen in the next few years based on the housing numbers?  Do you have information on your specific market, the general Phoenix market, and/or National trends? Would these numbers help a buyer off the fence? 

REALTOR TIP: (see below and in conjunction with the above)

**Altos Research is a company that has all sorts of statistics and numbers regarding the housing market.  Altos Research has an interesting concept where they take the statistics of the market and make them available for use by Realtors to help them sell more homes.  I heard a small seminar by the President of the company and I thought he had some very good insight into the local and national markets.  Check it out.

• Mortgage Applications up Last Week: The numbers do fluctuate from week to week but the increase in the number of Mortgage Applications taken last week is always a positive sign.  It means that there are more buyers seriously looking for homes and potentially more people looking to refinance.  All in all, whenever the number of application increases, it usually turns in to a greater amount of closings in the near future.

• Teaching Point for the upcoming HERA changes in effect July 30, 2009 - A list of the items that affect APR: (because remember a change in APR for the worse of greater than 1/8 (.125%) will cause as few as three day delay in closing.)
  • Amortization Schedule, Application Fee, Assignment Fee, Assumption Fee, Commitment Fee, Courier Fees, Escrow Waiver Fee, Flood Certification w/life of loan, Funding Fee, Construction Inspections, Interest, Loan Discount Fee, Loan Origination Fee, Mortgage Broker Fees, Mortgage Insurance Premiums, Per Diem Interest, Processing/Administration/Underwriting Fees, Recording Fees, Settlement/Closing Fees/Escrow, Tax Life of Loan Certification, Tax Service Fees, Verification Fee, Wire Fees.

•  
  • With all of those items listed above...what's the point?  The point is that lender's better be cognizant of how APR works and what affects it because if they don't and make a mistake, it could cost valuable time in the closing efforts on your client's purchases.

Another week has come and gone but the heat still remains.  We all live in Arizona for a myriad of reasons but usually the heat isn't the first one that comes to mind.  What I can say is that when it cools off and we aren't dealing with snow or anything of the sort we will say, "This is why we live in Arizona."

With that in mind, I thought I would give you some information on some "Cool" Deals that you could take advantage of over the next couple of months.

1. Desert Ridge Marriot -At the Desert Ridge Marriot they have a couple of great deals that you could take advantage of.  One of them is a "Golf for Two" package and the other is a "Spa Package for Two" - the spa package can be with a friend or a loved one. These packages range from $249-$259.  That really is a great deal for a night at a resort, a spa treatment or golf and even breakfast for two people.  Not too mention they have a great "lazy river" where you can relax during the heat of the day.  A great way to COOL off in the summer.

2. MOJO, A cool treat in the summer heat - Basically my wife kept telling me about this place called Mojo's.  She would say, "They have the best yogurt and it's fun because you get to choose your own toppings."  My response was always a bit less than enthusiastic.  Don't get me wrong I listened but I thought, "Eh, it's just yogurt."  Then last Sunday before our foray to see "Transformers: Revenge of the Fallen." (Side note:  Great if you like to see things blow up but I started to fall asleep at what were maybe the most important parts of the movie.  Guess that tells you how important they really were...not very.) I had promised that we could get Mojo's.  Best idea I ever had.  It was fantastic and though it melted quick because of the intense heat, it was definitely a great treat for the summer time heat.  They have them at the Biltmore, Tempe Marketplace, and at City North, so you can find the location that is best for you and go.

3. Ice Skating - Okay, so it is a bit lame and a tad cliché but in all honesty where can you go in AZ where you have to where pants and a long sleeve shirt because it is cold.  Not too many places, unless you are like my wife.  She has to carry a jacket because she gets cold inside restaurants during the summer.  Me, nope!  It takes me all through dinner just to cool off and then BAM, right back into the heat.  But in all seriousness, it is a cool activity, both figuratively and literally, that you can do in the heat of the summer.  Check out the local rinks...you can google:  Polar Ice AZ, Arcadia Ice Rink AZ, Ice Den AZ and they will all pop up.

All right...hopefully it gives you some ideas for the weekend or for later this summer.  Either way, it is sure to be warm for a while so you have time to figure out what you might want to do.

Rates are slightly improved this week from last week (see the attachment).  Especially check out the rates on the 15 YR Loans, they are really pushing those right now so if a borrower could swing it, that might be the way to go.

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 1^st 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 1^st 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 4^th of JULY.