thepaew
12-14 04:30 PM
Well Said - I feel that this discussion is counterproductive. In my opinion (I am no lawyer but I feel strongly about this), there is no constitutional remedy available. The only accomplishment may be that we alienate non-Indian members.
I know what I am about to say will trigger a lot of reaction and some resentment, but it has to be said on behalf of those who are not Indian. I think the per country limit is to ensure that people of all nationalities and races have an equal opportunity to obtain a green card and to ensure that no one nationality, group, or even sector (i.e. IT) monopolizes the so few visas that are available. In fact, in the visa lottery, countries become excluded when the number of immigrants from them reach a certain point, so we are lucky they do not do that in the Employment-based system!
I think that by wanting to remove the per country limit so more Indians can avail of the green card quota is both asking for "special treatment" and a slap in the face for all the non-Indian IV members. The more I read the threads on this site, the more I feel that this organization is geared just to one ethnic group. I am sure that Indians probably make up the majority of members, but the founders of IV (I hope) did not want this organization to become one-sided! Please be considerate of ALL members and try to come up with suggestions that would benefit ALL members!!!:mad:
I know what I am about to say will trigger a lot of reaction and some resentment, but it has to be said on behalf of those who are not Indian. I think the per country limit is to ensure that people of all nationalities and races have an equal opportunity to obtain a green card and to ensure that no one nationality, group, or even sector (i.e. IT) monopolizes the so few visas that are available. In fact, in the visa lottery, countries become excluded when the number of immigrants from them reach a certain point, so we are lucky they do not do that in the Employment-based system!
I think that by wanting to remove the per country limit so more Indians can avail of the green card quota is both asking for "special treatment" and a slap in the face for all the non-Indian IV members. The more I read the threads on this site, the more I feel that this organization is geared just to one ethnic group. I am sure that Indians probably make up the majority of members, but the founders of IV (I hope) did not want this organization to become one-sided! Please be considerate of ALL members and try to come up with suggestions that would benefit ALL members!!!:mad:
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hasanuic
05-09 10:49 AM
Hello,
The right of permanent residence fee is listed as $490 Canadian Dollars and $415 US Dollars in documents. But as per new rate, it is coming up as $435 USD. What should we do in this case?
Thanks.
The right of permanent residence fee is listed as $490 Canadian Dollars and $415 US Dollars in documents. But as per new rate, it is coming up as $435 USD. What should we do in this case?
Thanks.
kondur_007
07-22 01:35 PM
Excellent analysis and statistics...everyone on this forum has tried an analysis and all of them are very well done. I will thank vdlrao especially, he has provided some interesting links to statistics (which were very informative for me as I was not aware of lot of these numbers).
The problem is this: We are all assuming that USCIS will work LOGICALLY...which is impossible for them!:p
They simply can't do that...
One additional thing, (at least what I think) is that there is missing statistics about labor sub cases (and plz dont start the debate whether labor sub is good or bad thing), cases stuck in name check for years, and very old cases (cases that came out of backlog elimination centers--remember, those were working in four shifts during the last few months of their existance).
However, they HAVE proved the fact that they can not do even the RANDOM GC giveaway unless PD is in mid 2006 for EB2.
So I do believe that they will assign the visa number to whichever case they can (and some other cases randomly) to show that they used all visa numbers and approvals will come to the LUCKY winners over next several months (just like what happened in last June, is happneing this Aug). Overall, it is not a bad news...really a good news.
What will happen to PD in Sept VB? I guess, dates will probably remain the same or become unavailable, does not matter (as RANDOM visa giveaway fiesta might finish all in Aug or goes in sept, regardless, same numbers will be GIVEN AWAY and whether it happens in Aug or Sept does not matter much).
In Oct 08, dates will retrogress...(OF COURSE!) but probably not too much (as vdlrao said); and I am also not sure what would be the significance of those dates (besides filing of 485) as USCIS usuallydoes not care about it; they will wait till the end of the next fiscal year...and that's when the title of this thread "EB2 WILL BE CURRENT IN A YEAR" comes into play...To continue their usual RANDOM giveaway, they will have to move dates to 2008 at that time (under most circumstances...and based on all the stats!)...Again, we can not stop thinking LOGICALLY and USCIS can not understand what LOGIC is..:D
See, we need to understand, life is a Lottery. No place for Logic. USCIS LOVES lottery...after diversity visa lottery, they are also doing LOTTERY for H1 now, and one day if they like the idea of doing LOTTERY, for EB cases, they might throw away this all mambo jambo of EB1,2,3/PD/RD/ROW/IN/CH...and JUST DO THE LOTTERY!! After this post, I will go buy a California Lotto...;)
The problem is this: We are all assuming that USCIS will work LOGICALLY...which is impossible for them!:p
They simply can't do that...
One additional thing, (at least what I think) is that there is missing statistics about labor sub cases (and plz dont start the debate whether labor sub is good or bad thing), cases stuck in name check for years, and very old cases (cases that came out of backlog elimination centers--remember, those were working in four shifts during the last few months of their existance).
However, they HAVE proved the fact that they can not do even the RANDOM GC giveaway unless PD is in mid 2006 for EB2.
So I do believe that they will assign the visa number to whichever case they can (and some other cases randomly) to show that they used all visa numbers and approvals will come to the LUCKY winners over next several months (just like what happened in last June, is happneing this Aug). Overall, it is not a bad news...really a good news.
What will happen to PD in Sept VB? I guess, dates will probably remain the same or become unavailable, does not matter (as RANDOM visa giveaway fiesta might finish all in Aug or goes in sept, regardless, same numbers will be GIVEN AWAY and whether it happens in Aug or Sept does not matter much).
In Oct 08, dates will retrogress...(OF COURSE!) but probably not too much (as vdlrao said); and I am also not sure what would be the significance of those dates (besides filing of 485) as USCIS usuallydoes not care about it; they will wait till the end of the next fiscal year...and that's when the title of this thread "EB2 WILL BE CURRENT IN A YEAR" comes into play...To continue their usual RANDOM giveaway, they will have to move dates to 2008 at that time (under most circumstances...and based on all the stats!)...Again, we can not stop thinking LOGICALLY and USCIS can not understand what LOGIC is..:D
See, we need to understand, life is a Lottery. No place for Logic. USCIS LOVES lottery...after diversity visa lottery, they are also doing LOTTERY for H1 now, and one day if they like the idea of doing LOTTERY, for EB cases, they might throw away this all mambo jambo of EB1,2,3/PD/RD/ROW/IN/CH...and JUST DO THE LOTTERY!! After this post, I will go buy a California Lotto...;)
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JazzByTheBay
12-13 04:34 PM
If someone from country X, Y, or Z comes in on that same quota, that's OK - but we can't accept folks from countries A, B and C??
jazz
Let's assume that it can not be fought within US Constitutional framework then do we have a choice to bring this to international court level? Can US prove that keeping per country immigration quota for EB categories is not a discrimination but a policy to protect its citizens or per say to protect its industry/economy?
jazz
Let's assume that it can not be fought within US Constitutional framework then do we have a choice to bring this to international court level? Can US prove that keeping per country immigration quota for EB categories is not a discrimination but a policy to protect its citizens or per say to protect its industry/economy?
more...
byeusa
07-10 10:59 AM
Dear Friends, I had it... I am moving to Canada in the next 2 months to work for guess who? Microsoft. Came to USA in 1997 for my masters, worked at Legato, Documentum and Opentext. Had to restart my GC twrice, once as the company laid me off and next for career progression. GC is still years years away. Interviewed with MSFT last month and got an offer to work in their Enterprise Collaboration team. MSFT looked at the visa mess I was in and offered me to work in Vancouver. I get my Canadian GC in 6 months and my wife can work from day one. I am abandoning my US dream for good;guess I would be satisfied with touching my 4 year old son's American passport.
I worked for a canadian company in US and now would be working for a US company in Canada. This is globalization. True Globalization. Any for those whiners belonging to IEEE and its propoganda machine, I would like to mention that I drew salries which were above way above the norm. I am sure I would be drawing more than 2 of his programmers combined. Ron- ask your folks to learn to compete and update their skills. They probably studied studied 'history of mathematics' as a math subject in high school instead of calculus. They were happy that they had the coolest Nintendo games while many like me were burning the midnight old figuring out data structures at Berkeley.
I hope Berney Sanders and his club of the CIR days are hearing the developments. Berney, fix the broken education system for job protection rather than building fences to prevent legal workers to come to this gifted country. More companies will leave for nearshore if the mess continues. Fix the system by closing the H1B loopholes that a small percentage of companies are exploiting. Don't bad mouth the H1B system which has given you so much talent that you could have never groomed, the talented individuals who have contributed to the society, social security system and what not. Patch the holes in the fence, do not erect a higher fence for which people need to pay $ 5000 to cross. And by the way if you have the inclination and the time- fix the broken LEGAL High Skilled immigration system.
I worked for a canadian company in US and now would be working for a US company in Canada. This is globalization. True Globalization. Any for those whiners belonging to IEEE and its propoganda machine, I would like to mention that I drew salries which were above way above the norm. I am sure I would be drawing more than 2 of his programmers combined. Ron- ask your folks to learn to compete and update their skills. They probably studied studied 'history of mathematics' as a math subject in high school instead of calculus. They were happy that they had the coolest Nintendo games while many like me were burning the midnight old figuring out data structures at Berkeley.
I hope Berney Sanders and his club of the CIR days are hearing the developments. Berney, fix the broken education system for job protection rather than building fences to prevent legal workers to come to this gifted country. More companies will leave for nearshore if the mess continues. Fix the system by closing the H1B loopholes that a small percentage of companies are exploiting. Don't bad mouth the H1B system which has given you so much talent that you could have never groomed, the talented individuals who have contributed to the society, social security system and what not. Patch the holes in the fence, do not erect a higher fence for which people need to pay $ 5000 to cross. And by the way if you have the inclination and the time- fix the broken LEGAL High Skilled immigration system.
EndlessWait
12-15 09:32 PM
Can we ask Congressman Barney Frank(House Financial Services Committee Chairman) and Congresswoman Zoe Lofgren to look at this. Can IV get an appointment with them.
Immediate GC for pending EB applicants, if they buy house.
Immediate GC for pending EB applicants, if they buy house.
more...
suresh73
04-20 10:12 AM
I am working for Company A and company B wanted to provide me with pre-approved labor of EB2 category with priority date in July 2002. The Company B's pre-approved EB2 labor was for a Master degree with salary of 80K. I have only bachelor Degree but with more than 8 years of experience in IT. My I-140 has been approved with the present employer company A but it is EB3.
Is there any possibility to take advantage of the company B's pre-approved EB2 labor certificate considering more than 5 years of experience as a qualification though it requires a Master degree.
Thank you.
Is there any possibility to take advantage of the company B's pre-approved EB2 labor certificate considering more than 5 years of experience as a qualification though it requires a Master degree.
Thank you.
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prem_goel
05-29 03:45 PM
http://www.complaintsboard.com/complaints/cognizant-technology-solutions-private-limited-c17075.html
i agree. to add the worst, if anyone jump to cognizant from other big companies like wipro, infy etc they designate you in management level may be 5 years + exp after graduation who is unfit for management lack of very basic communication skills, half knowledged tech skill etc etc etc. Moreover people jump to cognizant for onsite to USA and eventually settle in USA. For the reason being cognizant bring the people on L visa and do EB1C quick green card processing for management. while they file perm they fabricate the responsiblities to suit the EB1c requirement.
At the same time the person who stayed longer and longer with cognizant won't get promoted that easily to management.
one more thing i like to add here, cognizant makes the world feel it is a american company but the truth Cognizant technologies is 100% indian (desi) company like other companies like infy, wipro, tcs.
23 days ago by cts 0 Votes
how do we bring this to uscis attention about L1A fraud and cognizent employees applying in eb1 catagory by producing fake doc...
http://www.foreignlaborcert.doleta.gov/pdf/fraud_faqs_07-13-07.pdf
Specifically this provision applies to Cognizant
Willful provision or assistance in the provision of false or inaccurate information for an application for labor certification;
i agree. to add the worst, if anyone jump to cognizant from other big companies like wipro, infy etc they designate you in management level may be 5 years + exp after graduation who is unfit for management lack of very basic communication skills, half knowledged tech skill etc etc etc. Moreover people jump to cognizant for onsite to USA and eventually settle in USA. For the reason being cognizant bring the people on L visa and do EB1C quick green card processing for management. while they file perm they fabricate the responsiblities to suit the EB1c requirement.
At the same time the person who stayed longer and longer with cognizant won't get promoted that easily to management.
one more thing i like to add here, cognizant makes the world feel it is a american company but the truth Cognizant technologies is 100% indian (desi) company like other companies like infy, wipro, tcs.
23 days ago by cts 0 Votes
how do we bring this to uscis attention about L1A fraud and cognizent employees applying in eb1 catagory by producing fake doc...
http://www.foreignlaborcert.doleta.gov/pdf/fraud_faqs_07-13-07.pdf
Specifically this provision applies to Cognizant
Willful provision or assistance in the provision of false or inaccurate information for an application for labor certification;
more...
sunny1000
06-28 08:22 PM
I suggest that you do this: Send the URL from AILA's memo about what happened to EB3-other worker category in June. And copy your HR and senior folks of your company when you email lawyer. That will tend to focus the attention of your lawfirm and they will either have to say "We will file asap" or they will have to say "AILA's memo doesnt mean anything".
I bet they will come back with the former conclusion.
Apparently, these lawyers have been too conditioned to work 30 hours per week and now, having to work 60 hours per week is too tough. NEWSFLASH LAWYERS : We idiots in IT and software very often work long hours to meet project deadlines. Its a part of life. Get used to it or like I said before, find something else to do. Like basket weaving or poetry writing so that you dont have to see deadlines and dont have to burn midnight oil.
The lawyers are like USCIS where you are a "case" and not a human being. So, their attitude is that "I will get to it when I get to it" with no sense of urgency even when someone's life hangs on it...this is what they call "customer service" :rolleyes:
I bet they will come back with the former conclusion.
Apparently, these lawyers have been too conditioned to work 30 hours per week and now, having to work 60 hours per week is too tough. NEWSFLASH LAWYERS : We idiots in IT and software very often work long hours to meet project deadlines. Its a part of life. Get used to it or like I said before, find something else to do. Like basket weaving or poetry writing so that you dont have to see deadlines and dont have to burn midnight oil.
The lawyers are like USCIS where you are a "case" and not a human being. So, their attitude is that "I will get to it when I get to it" with no sense of urgency even when someone's life hangs on it...this is what they call "customer service" :rolleyes:
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chi_shark
06-11 12:49 AM
ratturani, i am seeing an increasing number of posts that state the facts as clearly as you have stated... thats great... now i think somewhere some day, someone will float a good idea of motivating employers such as MS, Intel, BAC etc to fight for us instead of trying to motivate only the congress... see, we dont have too much of power in congress... :-(
Don't think of it as punishment. The US wants to allow a certain number of people to immigrate each year. The demand far outstrips the supply. That's where the problem is.
There are two ways to address this:
Increase the supply
Decrease the demand
Those are the only two ways. One option would be to go for a points based system that awards the limited visas to those with the best qualifications or where the need is greatest. After all the US is in a "buyer's market" and can pick and choose those immigrants that add most to the country.
The other option (which is at present politically infeasible) is to increase the annual immigrant quotas. Tough to support this in a recession with 10% unemployment.
I'm not sure you can characterize this as unfair... ultimately it is left to the US to determine how many people they want immigrating.
Don't think of it as punishment. The US wants to allow a certain number of people to immigrate each year. The demand far outstrips the supply. That's where the problem is.
There are two ways to address this:
Increase the supply
Decrease the demand
Those are the only two ways. One option would be to go for a points based system that awards the limited visas to those with the best qualifications or where the need is greatest. After all the US is in a "buyer's market" and can pick and choose those immigrants that add most to the country.
The other option (which is at present politically infeasible) is to increase the annual immigrant quotas. Tough to support this in a recession with 10% unemployment.
I'm not sure you can characterize this as unfair... ultimately it is left to the US to determine how many people they want immigrating.
more...
jatinr
07-15 06:40 PM
:confused:My 485 was filed with me as Primary and my wife as derivative in July 2007 with PD of Nov'05 2003. My I-140 is approved
I have applied EAD/AP through this pending AOS, but neither me nor my wife are using EAD/AP since we are both maintaining H1B status.
My wife's parallel GC process - I-140 just got in EB2 - PD Jan 2005.
The Alient no on her application is the same that got assigned due to her pending AOS application .Her PD is current with Aug 2008 bulletine
Do you think we can file multiple 485 to take advantage of EB2 - jan 2005 PD
What is the risk?
OR
just send a letter asking USCIS to consider her approved I-140 for processing the pending AOS applications instead of mine.
Will USCIS do that.
I have applied EAD/AP through this pending AOS, but neither me nor my wife are using EAD/AP since we are both maintaining H1B status.
My wife's parallel GC process - I-140 just got in EB2 - PD Jan 2005.
The Alient no on her application is the same that got assigned due to her pending AOS application .Her PD is current with Aug 2008 bulletine
Do you think we can file multiple 485 to take advantage of EB2 - jan 2005 PD
What is the risk?
OR
just send a letter asking USCIS to consider her approved I-140 for processing the pending AOS applications instead of mine.
Will USCIS do that.
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chintu25
02-12 09:47 PM
i see people making assumptions based on ROW..... Please explain how ROW dates affect India/China Dates ??
:confused:
:confused:
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qvadis
02-13 07:23 PM
No. You are wrong..
202 (e)(3) will not applicable, because of (a)(5).
The third point excempts that ..
(3) 3/ except as provided in subsection (a)(5), the proportion of the visa numbers made available under each of paragraphs (1) through (5) of section 203(b) is equal to the ratio of the total number of visas made available under the respective paragraph to the total number of visas made available under section 203(b).
202(a)(5) was added by AC21!! That's exactly the change that allowed USCIS to give additional visas to over-subscribed countries.
202 (e)(3) will not applicable, because of (a)(5).
The third point excempts that ..
(3) 3/ except as provided in subsection (a)(5), the proportion of the visa numbers made available under each of paragraphs (1) through (5) of section 203(b) is equal to the ratio of the total number of visas made available under the respective paragraph to the total number of visas made available under section 203(b).
202(a)(5) was added by AC21!! That's exactly the change that allowed USCIS to give additional visas to over-subscribed countries.
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gagbag
07-11 12:55 PM
http://www.ilw.com/articles/2007,0710-lee.shtm
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carpediem
07-27 11:43 AM
I've lived in Stamford CT and Boston for the last 2 years and surprisingly I've never been approached by a single desi Quixtar person here so far. That's one of the best parts about shopping around Boston... you don't have these people wasting so much of your time.
When I lived in the Bay Area (3.5 years) I would chat with these people when time allowed, just move quickly around any strangers who seemed overly eager and always respond with I don't give out my phone numbers to strangers if I am forced to chat. So I guess the lesson is to move to areas where there are fewer Indians. Second look older, grow a paunch. Looking fit or young is a problem because they think you're easier to dupe. ;)
In short I just hate these people with my whole heart and it is a pity that I can no longer chat with random people any longer. What's the value of money if it comes at such a heavy price of destroying a community.
When I lived in the Bay Area (3.5 years) I would chat with these people when time allowed, just move quickly around any strangers who seemed overly eager and always respond with I don't give out my phone numbers to strangers if I am forced to chat. So I guess the lesson is to move to areas where there are fewer Indians. Second look older, grow a paunch. Looking fit or young is a problem because they think you're easier to dupe. ;)
In short I just hate these people with my whole heart and it is a pity that I can no longer chat with random people any longer. What's the value of money if it comes at such a heavy price of destroying a community.
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ivgclive
07-21 11:46 AM
My desi neighbor told me about it recently. What are your experience with Amway Quickstar. Have you guys made money from it?
Best way to lose Friends!
Best way to identify Bad Friends!
Best way to lose Friends!
Best way to identify Bad Friends!
more...
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hiralal
05-29 12:03 AM
if your gc in pending ..don't get tempted to buy a house. here is a good report.
------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
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.
------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
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.
girlfriend %IMG_DESC_14%
PlainSpeak
01-13 12:57 PM
why doesn't anyone in iv core get it dammit..... this is crystal clear..... what more do u want...... now get mov'in & get green cards for all of us by next week..... :rolleyes:
why doesn't anyone in iv core get it dammit..... this is crystal clear..... what more do u want...... now get mov'in & get green cards for all of us by next week.....
For a second after seeing your statement i thought some is getting what i am saying but the smile at the very end destroyed that illusion
But in any case whether you agree with me or not (or whether as some say i am in cloud cooko land- to which all i can say is i woke up when will you) i appreciate a reply to the post
why doesn't anyone in iv core get it dammit..... this is crystal clear..... what more do u want...... now get mov'in & get green cards for all of us by next week.....
For a second after seeing your statement i thought some is getting what i am saying but the smile at the very end destroyed that illusion
But in any case whether you agree with me or not (or whether as some say i am in cloud cooko land- to which all i can say is i woke up when will you) i appreciate a reply to the post
hairstyles %IMG_DESC_11%
mps
08-18 06:46 PM
he should be thankful to Indian Embassy... just imagine what would have happened to him if he was from a country west of India :-)
nozerd
03-19 05:25 PM
I am currently trying to negotiate with my company to do one of 3 things
1) Live in Windsor, ON and commute daily to work in Detroit, MI office. Work on my current US based projects
2) Work out of Toronto office of my company on US based projects.
3) Take transfer to Canadian operations of our firm and work there as Canadian employee on Canadian payroll.
In all 3 cases intent is to move back to US once PD is current so I can file 485. At the same time earn time towards Canadian Citizenship and build roots there if US GC isnt going to happen. Advantage of option 1 and 2 is to get paid in US salary, keep H1 visa for travel to US and keep US based job ready.
Others can also try similarly if their firms already have offices/branches/ sister concerns in Canada.
If job market is bad then go there wih a job set up. I am lucky my company is multinational with offices all over.
1) Live in Windsor, ON and commute daily to work in Detroit, MI office. Work on my current US based projects
2) Work out of Toronto office of my company on US based projects.
3) Take transfer to Canadian operations of our firm and work there as Canadian employee on Canadian payroll.
In all 3 cases intent is to move back to US once PD is current so I can file 485. At the same time earn time towards Canadian Citizenship and build roots there if US GC isnt going to happen. Advantage of option 1 and 2 is to get paid in US salary, keep H1 visa for travel to US and keep US based job ready.
Others can also try similarly if their firms already have offices/branches/ sister concerns in Canada.
If job market is bad then go there wih a job set up. I am lucky my company is multinational with offices all over.
rghangrekar
02-13 10:26 AM
I cannot agree more with the posts from lord_labaku and kuhelica2000. In 2000, during the startup boom I used to work with so-called "experts" in say java that would have a inflated resume, but absolutely no knowledge of what is happening. I am sure based on how their resume was structured, all of them are in the EB2 queue (I am in EB3 BTW). Last year in Nov, a group of us were talking about GC wait times when a friend who was about to apply for labor quoted..."but I do not need to worry, I am applying in Eb2". I have seen posts on this site where people have solely focussed on EB2. If EB2 becomes current, then these dudes would stop supporting IV....
Removing the limited quota per country seems to be the ideal solution. But it would help if we do not focus only on the category our application is in. It would help if , after some of us get our GC, we still continue our support for IV.
Removing the limited quota per country seems to be the ideal solution. But it would help if we do not focus only on the category our application is in. It would help if , after some of us get our GC, we still continue our support for IV.
