mpoov
02-27 11:47 PM
is there any hope for bridge legislation in '08?....or this year will pass by due to the elections?......is there any realistic chance of bridge amenment ever being passed?....i am starting to lose hope now......
no hope.. everything has made mess!!
no hope.. everything has made mess!!
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saibabu_d
07-18 01:40 PM
50$ each month.
H1Girl
03-03 04:25 PM
...
But he is kind of busy with other important issues and our issue is not that important for him reason may be we are not his vote bank and will get to the curve of getting the GC when we are very close to our graves.
...
Saburi
It may be true that Mr Change has been occupied by other priorities but even then I don't think anyone will ever care about legal aliens who pays Taxes every year. US won't get anything if they issue GCs to us. Remember they have to tackle unemployment in US if they issue GCs to every H1/L1. It's the gimmick just like any other tricks that US paly around the world. They lure best talent to US with GCs etc etc but what they really need is Taxes (and ofcourse some talent) from us which they are anyway getting.
Please read they way US brought african americans and chinese people few hundred years ago and used them like anything.
So guys and girls, take it easy...if they want to issue GCs they can change the policy overnight just by one signature and issue GCs rightway. But they NEVER do since they are getting what they wanted to.
here is my conclusion:
a) Illegal immigrants: Yes, US cares about them since they pose as security threat and they loose the Tax
b) Refugees: Yes, US cares about them since they pose as security threat and they loose the Tax
c) Highly Educated (EB1) like Ph.ds: Yes they care because thye want to ahead of others
d) Middle class people (Eb2 and EB3 and others): No one cares since they are getting Tax anyway.
But he is kind of busy with other important issues and our issue is not that important for him reason may be we are not his vote bank and will get to the curve of getting the GC when we are very close to our graves.
...
Saburi
It may be true that Mr Change has been occupied by other priorities but even then I don't think anyone will ever care about legal aliens who pays Taxes every year. US won't get anything if they issue GCs to us. Remember they have to tackle unemployment in US if they issue GCs to every H1/L1. It's the gimmick just like any other tricks that US paly around the world. They lure best talent to US with GCs etc etc but what they really need is Taxes (and ofcourse some talent) from us which they are anyway getting.
Please read they way US brought african americans and chinese people few hundred years ago and used them like anything.
So guys and girls, take it easy...if they want to issue GCs they can change the policy overnight just by one signature and issue GCs rightway. But they NEVER do since they are getting what they wanted to.
here is my conclusion:
a) Illegal immigrants: Yes, US cares about them since they pose as security threat and they loose the Tax
b) Refugees: Yes, US cares about them since they pose as security threat and they loose the Tax
c) Highly Educated (EB1) like Ph.ds: Yes they care because thye want to ahead of others
d) Middle class people (Eb2 and EB3 and others): No one cares since they are getting Tax anyway.
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chanduv23
05-14 09:38 PM
Here is the scoop.
from US Congresswoman's office, an immigration specialist spoke to their liaison at the Nebraska Service Center.
Liaison confirmed the following:
1. I-140 approval in September, 2007 (actually 09/04/2009 as I have the hard copy)
2. I-140 revocation in Feb, 2009 ( he has not provided the day of the month, but from LUD I have it strongly pointing to 02/03/2009)
I have not told the Congresswoman's office about the I-140 revocation. Just mentioned that it might have happened as I have left the company.
3. Liaison did confirm that even after the I-140 being withdrawn I am eligible for adjustment thru AC21.
4. Liaison did agree that if the I-140 was revoked within the stipulated time given in AC21, Nebraska�s decision to deny the I-485 may have been in error. (which in my case is true)
Immigration specialist at the Congresswoman's office is going to contact the Director of NSC to review this matter with a supervisor
Unanswered questions:
1. If the Liaison can see that my I-140 is approved on 09/04/2009, why is that the adjudicating officer is responding with a denial on 09/04/2009 and subsequent denial of I-485?
2. Are they both not looking at my information with same interface?
Conclusion:
Atleast in my case it looks deliberate and intentional.
I guess you are now happier than before. You are close to getting your issue resolved.
No one knows why people who are eligible for AC21 portability are going through this.
When I discussed this issue at my congresswoman's immigration specialist, he asked me why do you think USCIS is doing this? So - basically no one knows.
Many people have said that this is a training issue. maybe it is. We don't know
from US Congresswoman's office, an immigration specialist spoke to their liaison at the Nebraska Service Center.
Liaison confirmed the following:
1. I-140 approval in September, 2007 (actually 09/04/2009 as I have the hard copy)
2. I-140 revocation in Feb, 2009 ( he has not provided the day of the month, but from LUD I have it strongly pointing to 02/03/2009)
I have not told the Congresswoman's office about the I-140 revocation. Just mentioned that it might have happened as I have left the company.
3. Liaison did confirm that even after the I-140 being withdrawn I am eligible for adjustment thru AC21.
4. Liaison did agree that if the I-140 was revoked within the stipulated time given in AC21, Nebraska�s decision to deny the I-485 may have been in error. (which in my case is true)
Immigration specialist at the Congresswoman's office is going to contact the Director of NSC to review this matter with a supervisor
Unanswered questions:
1. If the Liaison can see that my I-140 is approved on 09/04/2009, why is that the adjudicating officer is responding with a denial on 09/04/2009 and subsequent denial of I-485?
2. Are they both not looking at my information with same interface?
Conclusion:
Atleast in my case it looks deliberate and intentional.
I guess you are now happier than before. You are close to getting your issue resolved.
No one knows why people who are eligible for AC21 portability are going through this.
When I discussed this issue at my congresswoman's immigration specialist, he asked me why do you think USCIS is doing this? So - basically no one knows.
Many people have said that this is a training issue. maybe it is. We don't know
more...
deba
09-09 12:50 PM
Contributed $300 for rally. Go IV!
Deb
Contrib $600 so far + $300 for rally
EB2 India PD 03/05
I140 09/07
I485 07/07
Deb
Contrib $600 so far + $300 for rally
EB2 India PD 03/05
I140 09/07
I485 07/07
nozerd
12-02 04:37 PM
Northwestern Kellog is one o the best for Marketing. Maybe the top one in Marketing.
Northwestern lowly ranked for MBA ? gotta be kidding. Kellogg School of business brushes shoulders with the very best including Wharton, MIT and Harvard.
Northwestern lowly ranked for MBA ? gotta be kidding. Kellogg School of business brushes shoulders with the very best including Wharton, MIT and Harvard.
more...
ragz4u
03-16 08:37 AM
any update?
I just spoke with a CapitolHearings rep and she said she is going to get the technical team in charge of this to look into it
Hopefully it should start soon
I just spoke with a CapitolHearings rep and she said she is going to get the technical team in charge of this to look into it
Hopefully it should start soon
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hiralal
05-29 12:05 AM
if your loan is denied while on EAD ..count yourself as lucky !!!
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
more...
psaxena
06-11 03:19 PM
seriously , I have seen a couple of people who day dream unrealistic thing and for some time
thinks thats true. This normally happens, when you normally facing a lot of negative things then your mind things of all the good things,( in your shit load of money on stocks and investments). This actually helps keeping one out of depression in the illusional state. but unfortunately fact is fact.
As far as I know, I am pretty aggressive in investment and I am getting @15% right now.. which too in a very unconventional ways.. by investing in forex and start ups with a risk of loosing nearly 80% of the investment in a day. when you 100K-200K and get returns like 100k.. dude that 100%-50% investment.. please let me know where can I do that.
I promise I gonna leave everything and go back with my money make investment in that and live the rest sipping feni by goa beach.
It is not a big deal dude...if not for this immigration system, we could be making even more..think about $80-$100/hr if you are an independent contractor. This a minimum for a decent contract with vendor directly.
And if you have ~100-200K for investments, with some experience and any luck..you could be making another 100K out of it from trading and active investing in other areas. That comes to ~250-300K minimum. There are no bounds when life is free and in this great country. Unfortunately, things have turned discriminative and our potentials are being restricted(atleast for non-EAD guys) and you have to be prepared for getting outright kicked out of this country.
thinks thats true. This normally happens, when you normally facing a lot of negative things then your mind things of all the good things,( in your shit load of money on stocks and investments). This actually helps keeping one out of depression in the illusional state. but unfortunately fact is fact.
As far as I know, I am pretty aggressive in investment and I am getting @15% right now.. which too in a very unconventional ways.. by investing in forex and start ups with a risk of loosing nearly 80% of the investment in a day. when you 100K-200K and get returns like 100k.. dude that 100%-50% investment.. please let me know where can I do that.
I promise I gonna leave everything and go back with my money make investment in that and live the rest sipping feni by goa beach.
It is not a big deal dude...if not for this immigration system, we could be making even more..think about $80-$100/hr if you are an independent contractor. This a minimum for a decent contract with vendor directly.
And if you have ~100-200K for investments, with some experience and any luck..you could be making another 100K out of it from trading and active investing in other areas. That comes to ~250-300K minimum. There are no bounds when life is free and in this great country. Unfortunately, things have turned discriminative and our potentials are being restricted(atleast for non-EAD guys) and you have to be prepared for getting outright kicked out of this country.
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dpp
10-11 09:00 PM
We cannot start a S-corp on EAD. Need to be GC holder or US Citizen.
The Internal Revenue Code provides that a Corporation filed with any U.S. state shall be taxed under "Subchapter C." This essentially means that all Corporations start out as C-Corporations for tax purposes.
Should a Corporation's owners later wish to be taxed as an S-Corporation, they would file a "Subchapter S" federal tax election (Form 2553) within 75 days of incorporating or within 75 days of the beginning of the calendar year. To do this, the Corporation would need to have less than 100 owners, all of whom must be either U.S. Citizens or permanent resident aliens ("green card" holders). Once the "S" tax election is made, the return to be filed is the 1120 "S", rather than the 1120. Whether or not you decide to be taxed as an S-Corporation, your company is still a "General Corporation" in the eyes of the state of incorporation.
http://www.incnow.com/incorporating.shtml
http://www.legalzoom.com/incorporation-guide/definition-of-s-corporation.html
But we can setup Solo or Partership or C-Corp. Don't run into legal issues by setting up S-Corp on EAD, before getting GC.
Good luck.
The Internal Revenue Code provides that a Corporation filed with any U.S. state shall be taxed under "Subchapter C." This essentially means that all Corporations start out as C-Corporations for tax purposes.
Should a Corporation's owners later wish to be taxed as an S-Corporation, they would file a "Subchapter S" federal tax election (Form 2553) within 75 days of incorporating or within 75 days of the beginning of the calendar year. To do this, the Corporation would need to have less than 100 owners, all of whom must be either U.S. Citizens or permanent resident aliens ("green card" holders). Once the "S" tax election is made, the return to be filed is the 1120 "S", rather than the 1120. Whether or not you decide to be taxed as an S-Corporation, your company is still a "General Corporation" in the eyes of the state of incorporation.
http://www.incnow.com/incorporating.shtml
http://www.legalzoom.com/incorporation-guide/definition-of-s-corporation.html
But we can setup Solo or Partership or C-Corp. Don't run into legal issues by setting up S-Corp on EAD, before getting GC.
Good luck.
more...
Jimi_Hendrix
08-09 10:01 AM
I am a legal immigrant to United States and my permanent residency application is pending because of the backlogs in the current immigration system. There is a combination of factors leading to the current backlog in the legal immigration system. Periodic legalization of illegal aliens, lack of sufficient resources to process applications and poor understanding of legal immigration problems by congressional representatives are some of the contributory factors.
Current immigration reform is primarily focused on illegal immigration reform. Typically, legal immigration is folded into a bill/Act which primarily supports illegal immigration. It is crucial that the contributions of legal immigrants be appreciated. Highly skilled, legal immigration adds to scarce skills and training in the American workforce. They improve productivity and quality of work to keep America competitive. Legal immigrants pay taxes at higher rates due to their immigration status. Further they are not entitled to most of their social security benefits unless they have worked for a certain number of years in USA. Legal immigrants act as role models by respecting the law and playing the role of responsible citizens. They act as safe anchors to curb outsourcing by providing foreign talent locally. An average legal immigrant integrates easily into the American social cauldron, is law abiding and is favorable towards charity and social participation.
Now that you have a decent appreciation of legal immigrant contributions, let us take a look at the problems faced by them. It takes anywhere between 6-8 years on an average to process permanent residency applications of legal immigrants. During majority of this 6-8 year period, legal immigrants cannot change employers and/or job title. Due to lack of sufficient visa availability, legal immigrant applications are backed up solid. The resulting frustration causes many of these immigrants to search work in other countries where immigration laws are favorable to legal immigration and skills are in demand.
Of late due to the education campaign launched by Immigration Voice (a 5,000 member strong group representing highly skilled, legal immigrants); some politicians have a better understanding and appreciation of legal immigration issues. Accordingly, the SKIL bill was introduced by Senator Cornyn and Kyl in the Senate and recently this bill was also introduced in the House of Representatives. The SKIL bill supports reform in the legal immigration system. Due to the current deadlock in the senate and house over Comprehensive Immigration Reform, relief for legal immigrants is nowhere in sight. Will the average American citizen stand up and support this law abiding means of immigration? Or will the average legal immigrant fall victim to the vicious campaign of anti-immigrant extremism? The American public must decide now.
Best Regards,
JH
Current immigration reform is primarily focused on illegal immigration reform. Typically, legal immigration is folded into a bill/Act which primarily supports illegal immigration. It is crucial that the contributions of legal immigrants be appreciated. Highly skilled, legal immigration adds to scarce skills and training in the American workforce. They improve productivity and quality of work to keep America competitive. Legal immigrants pay taxes at higher rates due to their immigration status. Further they are not entitled to most of their social security benefits unless they have worked for a certain number of years in USA. Legal immigrants act as role models by respecting the law and playing the role of responsible citizens. They act as safe anchors to curb outsourcing by providing foreign talent locally. An average legal immigrant integrates easily into the American social cauldron, is law abiding and is favorable towards charity and social participation.
Now that you have a decent appreciation of legal immigrant contributions, let us take a look at the problems faced by them. It takes anywhere between 6-8 years on an average to process permanent residency applications of legal immigrants. During majority of this 6-8 year period, legal immigrants cannot change employers and/or job title. Due to lack of sufficient visa availability, legal immigrant applications are backed up solid. The resulting frustration causes many of these immigrants to search work in other countries where immigration laws are favorable to legal immigration and skills are in demand.
Of late due to the education campaign launched by Immigration Voice (a 5,000 member strong group representing highly skilled, legal immigrants); some politicians have a better understanding and appreciation of legal immigration issues. Accordingly, the SKIL bill was introduced by Senator Cornyn and Kyl in the Senate and recently this bill was also introduced in the House of Representatives. The SKIL bill supports reform in the legal immigration system. Due to the current deadlock in the senate and house over Comprehensive Immigration Reform, relief for legal immigrants is nowhere in sight. Will the average American citizen stand up and support this law abiding means of immigration? Or will the average legal immigrant fall victim to the vicious campaign of anti-immigrant extremism? The American public must decide now.
Best Regards,
JH
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kshitijnt
06-26 12:26 AM
I just started my GC Process, But I kept a 5 Year time frame to try this out. That is my breaking point.
Just dont extent the breaking point like H1 visa.
Just dont extent the breaking point like H1 visa.
more...
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kumhyd2
07-18 02:51 PM
http://immigrationvoice.org/forum/showthread.php?p=123353#post123353
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hiralal
05-29 12:05 AM
if your loan is denied while on EAD ..count yourself as lucky !!!
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
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Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
more...
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NKR
06-26 08:18 AM
I'm sure you meant "Loss and loose have different meaning" ! .
Good catch :). I was losing patience waiting for the elusive green card and now I think I am losing my mind too.
Good catch :). I was losing patience waiting for the elusive green card and now I think I am losing my mind too.
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ca_immigrant
05-14 02:12 PM
just called
Senator Scott Brown (R-Massachusetts)
(202) 224-4543
I must say since it was my first call I was fumbling for the words...-:) even though I had pappu's message in front....
but the person at the other ed heard patiently and said thank you !!
forgot to ask what the senator stand on it was...
everybody go for it call all the senators !!! I will call more...now
Senator Scott Brown (R-Massachusetts)
(202) 224-4543
I must say since it was my first call I was fumbling for the words...-:) even though I had pappu's message in front....
but the person at the other ed heard patiently and said thank you !!
forgot to ask what the senator stand on it was...
everybody go for it call all the senators !!! I will call more...now
more...
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beppenyc
03-08 02:23 PM
I can`t beleive it. I am very disappointed, that is unveliable. Everytime that it looks that something is happening...we got some problems. Now what`s going on with the democrats....
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indio0617
03-09 10:55 AM
Sen Feinstein Amendment : 6303; provides an exception for refugees, aliens who apply for asylum (fleeing persecution, dictatorship) to waive passport fraud if they have comitted any.
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spicy_guy
09-01 11:30 AM
Landed here on jan 1st, 1998 (F1)
Survived 2 recessions
No hope as labour filled in eb3
Oh man! Landed here in 1998. But your PD is 2008 and IN EB3?!?!?
You must be the oldest person in this thread as well. :D
Survived 2 recessions
No hope as labour filled in eb3
Oh man! Landed here in 1998. But your PD is 2008 and IN EB3?!?!?
You must be the oldest person in this thread as well. :D
NNReddy
09-05 12:57 AM
I came to USA in July 1997. I did my masters here. I worked for 3 fortune 500 companies so far. I have been with one company since last 11 years. I am on EB3(mar 2003). I am a senior manager in fortune 50 company and on the path towards directorship. I wish I had green card, that didn't prevent me from having a good life and career. I brought an house 10 years ago. All I can see few more years of wait. Reg' Pappu post about action, the only action I can take is converting my case to EB2, which I tried several times within the company and it didn't work. The second action I can take is change employer. I have a good career, pay in this job, not sure if I would be able to get same one outside.
Mouns
04-30 03:29 PM
OK so here it is, it will get 2 years before the backlogs due to the surge clear and to get back to normal... :mad:
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