Tis The Season

I actually had an agent this week tell me that the recession is over and that
home prices are going up nationally in every neighborhood as we speak. I am all
for an optimistic outtake in life. I do not ever want to represent myself as an ambassador of doom as I have been nicknamed in many markets. But lets get real, the
market traditionally always picks up a little in spring and stays that way just until school starts.
The following information is not bad news, not even false hopes, just real numbers.
Lower interest rates on fixed- and adjustable-rate mortgages attracted homeowners as well as people seeking to buy homes.
Application volume for the week ended March 13 was up an unadjusted 31.2% from the same week in 2008, the Washington-based MBA said. Its weekly survey covers about half of all U.S. retail residential mortgage applications.
On a week-to-week basis, applications for mortgages to buy homes rose a seasonally adjusted 1.5%, while filings to refinance existing home loans increased 29.6%.
I wanted to thank everyone who attended the full day Short Sale seminar in Bakersfield this last Wednesday. I met some extremely intelligent agents who had an excellent understanding of the local market and economy. Our room was completely packed in the morning class and I thoroughly appreciated the hospitality that not only the local Association of Realtors showed us, but, the entire Real Estate community.

Market Volatility and up Turn Shows Little Promise

Mortgage applications jump up 11% according to the MBA. U.S. mortgage applications rose for the first time in three weeks as near record-low interest rates spurred demand for home refinancing and purchase loans, data from an industry group showed on Wednesday.

Freddie Mac said Thursday the 30-year fixed-rate mortgage average fell from the previous week to 5.03% with an average 0.7 point for the week ending March 12. In the previous period, the average was 5.15%, and the year-ago average was 6.13%.

You would think the market has been stimulated but then this just in...

New home sales fell 10.2% in January to the slowest pace since records began in January 1963 while pending existing home sales slowed by 7.7%, the weakest since the series began in January 2001.

Our new President has asked consumers to restore faith in our economy. Many people
are trying to refinance as stated in my first paragraph, but, that doesn't mean they get the loan. Consumer confidence is down for a reason.

-Christopher Rockey

Temecula California Move Over Napa

Once again I go to strange new worlds and civilizations with no warning whatsoever as to what I may expect. The ATF established the "Temecula" viticultural area in the Federal Register on October 23, 1984. The TTB renamed the same viticultural area "Temecula Valley" effective June 18, 2004. The Federal Register lists the official acreage for the Temecula Valley AVA at 33,000 acres. Approximately 1,300 acres are currently planted in commercial vineyards. Within the appellation there are 5,000 acres located in a "protected" area referred to as the Citrus/Vineyard Zone. This area is generally located in and around the Rancho California Road area within the County of Riverside. County guidelines strictly enforce number of acres needed to build a winery, lodging and other limited housing and commercial ventures.

The scenery was beautiful and serene. The entire area looked like a Napa Valley
Resort except newer. Winiries dot the hill sides and I plan on staying the entire weekend when I go back on March 26th.

-Christopher Rockey

Is Madoff Alone How You Can Protect Yourself

Investment strategies differ depending on a level of exposure. Madoff simply
exposed VANITY. Everyone wanted to be a part of the Bernard Madoff Elite. Let me make something perfectly clear. Knowing that I teach and preach Short Sale's in
Real Estate I also teach and preach 'Loan Modifications' what does that have to do with our beloved Bernie you ask? Well, simple, when seeking a 'Loan Modification' you
make sure you are dealing with a DRE approved company with a 100% money back guarantee. You can now for the first time ever ask that from your Hedge Fund manager. Most people think they need to expose themselves to risk of loss in a Hedge Fund. Not true at all, Northern California has recently insured a private fund guaranteed against loss of principal. The concept is behind a Fund of Funds. Generally a FOF will invest in other performing Hedges. The funds of hedge funds industry shrank by almost 30 percent last year, with most of the losses coming in the latter part of the year as volatile markets, poor returns and the impact of the Bernie Madoff scandal took their toll.

More than $1,000bn in assets was held in funds of hedge funds in June last year but, by the end of the year, about $300bn had flowed out of the industry.

In a securitized Hedge you can verify your principal balance twenty four hours a day seven days a week. You never sign your money over to anyone and you WILL make up to
30% annual return. Better than even Bernie gave his investors.

You don't even need to be vein to join the FOF. Serious investors or managers only please.

-Christopher Rockey

Freddie Mac Helping Homeowners Stay That Way

Freddie Mac said late Wednesday that it will suspend foreclosure sales on mortgages eligible for the Home Affordable Modification Program announced as part of the Obama administration's Making Home Affordable plan. Freddie Mac will ask its servicers not to complete a foreclosure sale on a mortgage eligible for the Home Affordable Modification program unless they made an effort to contact the borrower and the borrower either did not respond or lacked the capacity to participate in the new program or any other Freddie Mac workout program. Freddie Mac's previously announced suspension of foreclosure sales will expire on March 6. Now this foreclosure suspension is indefinite.
Is it possible they are just putting off the inevitable?

-Christopher Rockey

The High Desert

Traveling all over I have been warned of some places i may not find savory to the pallet of success. This warning did not come as I went into Victorville California this last week. The drive through the beautiful mountain range reminded me of a quote by Eric Hoffer, Where there is the necessary technical skill to move mountains, there is no need for the faith that moves mountains.
With that said I look forward to going back on the first day of April 2009 to such a place of beauty to try to move mountains of Short Sales.

In the picture above from left to right are my guests Bobby Terango with Chicago Title, James Cameron AVP Countrywide Home Loans and Mike Arias also with Chicago Title. Thank you for getting a great crowd together. I am not going to tell you what I am laughing at. Let's just say the photographer really knew how to make me blush.
I have no idea why I'm the only one laughing at Candice's comment.

-Christopher Rockey

A National Generality

In National articles writers must not obviously give any tax or legal advice,
they must also be vague about foreclosure compliance as it pertains to
a distressed homeowner because foreclosure laws vary state to state. In California
the Short Sale vs. Foreclosure argument is no argument at all. You do a Short Sale every time NO MATTER WHAT! If you have a committed homeowner that rule applies in every state with few exceptions.

I thought you would be interested in this article. Please identify yourself and
what state you are from after reading it and I will survey your comments.

http://money.cnn.com/galleries/2009/real_estate/0903/gallery.walking_away/index.html



-Christopher Rockey

DO NOT MISS THIS EVENT

If you are planning on getting out of Real Estate in the next year or two for god sakes get out now. You really don't think this is going to get any better any time soon do you?

NAR has asked Scott Thompson the founder of our company to do a national webinar event because our education is considered the best in the business.

If you plan on doing Real Estate in the next two years please register now.

It's Free!!

http://www.realtor.org/rmodaily.nsf/pages/News2009022641

-Christopher Rockey

Not one in Ten after All

It is a common belief that one in every ten mortgages are defaulting. There
are some places I travel to like Victorville California (where I am flying to today)
that have a much higher rate than one in ten. The new default rule seems to be closer to one in eight according to the Mortgage Brokers Association.

Mortgage delinquencies for U.S. homes in the fourth quarter of 2008 rose to a new record high, with one homeowner out of eight behind on one or more mortgage payments, according to a report from the Mortgage Bankers Association on Thursday.

The result is above the 6.99% rate reported in the third quarter, the previous record high.



The organization also said that foreclosure rates in the United States reached a record 3.3% in Q4, compared to a 2.97% rate in Q3 and a 2.04% rate in Q4 2007.

The report found that 5.06% of prime mortgages were considered delinquent, compared to 4.34% the prior quarter, and 21.88% of subprime mortgage holders were behind on payments, up from 20.03% previously.

I will keep you posted when the number dropr drom one in eight to one in???

-Christopher Rockey

The Common Goal

In every market, in every state, on every trip, I teach if not preach, giving the homeowner options. Last Saturday Scott Thompson the founder of my company (www.scottcthompson.com)and Tom Bolinger (Who is our President of operations and a longtime Fidelity National Financial Executive)and myself had the opportunity to roll up our sleeves and actually do something none of us has done in years. We had the opportunity to go to a DRE hosted consumer direct seminar. There were over 3000 attendees mostly from the Latino community who were all there to try to keep there homes. Huge lenders attended like Washington Mutual, Countrywide, EMC, Litton, Bank of America, Indy Mac etc. these lenders certainly whom do not often seem to have the day to day commitment for market stabilization were all there this last Saturday February 28Th. We saw people who were overcome by emotion because they had been trying for months to have their mortgages modified. People who have been told several times were told yes on this day. Jeff davi was there who is our DRE Commissioner with his two twin sons Jeffrey and Anthony. I have had times where I am on the road for weeks and weeks at a time. I often get bored, lonely and almost a transient feeling. This day makes it all worth it. I asked several homeowners to write me their stories, I will not be posting those as to not exploit the feeling of emotion we all experienced.

-Christopher Rockey

The Desert's Hidden Treasure Chest

I refer to Scottsdale as the Desert's secret treasure although I think I was just
the last person to find out about it. There are so many things to do in Arizona,
it's the only place where I have been able to enjoy a beautiful sunny dinner on the patio of a trendy restaurant after snowboarding in great snow conditions that same day. If I ever had the opportunity to move to AZ for work I would take it in a heart beat.

I want to thank all of our guest speakers includin manny caballero from Loss Mitigation Solutions. Paul Scheper out of Harvard University and the Vice President of Trust 1 mortgage. Mark Winsor ESQ for teaching all who attended how lenders are suing homeowners and how homeowners need to protect themselves. Deborah Leone from Lions Gate Financial Network who is always in huge demand. Several of you flew from all over to come speak. Your message was heard and we all thank you very much.

-Christopher Rockey

The Perfect Trip

I love the one day trip in and out, no flight delays, no lost luggage. It's rare
but Ontario airport Southwest airlines and San Bernardino seem to have it figured out.

Thank you to the audience whom was highly participating, Suzy, David, Raquel, Marilyn, Chanda. It was an honor to have you all there. Even Mark our friendly
loan officer made a commitment to be there.

Thank you to everyone who made this day so successful. I look forward to coming back
tomnorrow isn't soon enough.

-Christopher Rockey

I Know How far Behind I Am

Between Southern California, Northern California and Phoenix I know I have some catching up to do. Even I get busy please forgive me.

Busy doing what? Working of course. I will enlighten you in the upcoming articles
for now look at the above picture and Google the name Jeff Davi.

That's me with Jeff. I have been exhausted busy and when I get a chance to catch up and write about it I will fill you in on everything.

Now Where's Freddie Going?

Do you have any idea what kind of hell I would have to be in to quit after six months in this economy. I don't care if my job was the dirtiest of 'Dirty Jobs' on
the Discovery Channel you couldnt get me to quit a job in six months.

The CEO of embattled mortgage titan Freddie Mac (FRE), who was installed last year to head the company after the federal government took it over, announced Monday that he is resigning.
David Moffett will leave his position by March 13. He had indicated that he wants to return to the financial services industry. Good luck because everyone is hiring.

His announcement comes as a critical juncture, leaving the financially battered company — a crucial segment of the beleaguered housing market — with no foreseeable leader.

It also comes as Freddie Mac seeks billions of dollars more in federal financial help and is being hailed by the Obama administration as a vehicle for restoring confidence to the housing market.

Freddie officials said Monday that an interim successor will be named before Moffett departs.

Oh Oh I want that job! Pick me.

-Christopher Rockey