Wendyzhu77
07-16 06:24 PM
You should know that processing day means NOTHING! If you are after that, it doesn't mean your case will not be processed. If you are before that, it doesn't mean your case has been processed.
So surprised there are still lots of people keeping an eye on processing day. That's totally useless piece of information.
So surprised there are still lots of people keeping an eye on processing day. That's totally useless piece of information.
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greenguru
07-16 06:54 PM
Hi vdlrao
Could you please shed more light and your calculations on EB3 - I
Would be of great help if you could give some pointers atleast.
Thanks
Could you please shed more light and your calculations on EB3 - I
Would be of great help if you could give some pointers atleast.
Thanks
maximus777
06-05 03:26 PM
There is already a thread working on Government of India to consolidate Pension Fund with Social Security. America already has this type of treaties with few european countries. But looking at the bereaucracy now, this may take next 10-15 years.
I'll take that timeframe as long as such an arrangement can be worked out. Most of us here have 15+ years to retirement. As long as we get back our hard earned money, and as long as the US govt/treasury feels the pain in disbursing billions of dollars into Indian economy. :cool:
I know, I can only wish! :rolleyes:
I'll take that timeframe as long as such an arrangement can be worked out. Most of us here have 15+ years to retirement. As long as we get back our hard earned money, and as long as the US govt/treasury feels the pain in disbursing billions of dollars into Indian economy. :cool:
I know, I can only wish! :rolleyes:
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dixie
08-27 11:54 PM
You dont need any law-firm to handle your canadian PR application .. it is straight-forward enough that any educated applicant can do it himself.
I am no physician myself, but from what I hear foreign physicians in Canada have to go through the whole battery of licensing exams all over again. The going will be tough at least initially till you get all the relevant licenses. But I just do not know of that many physicians who immigrated to Canada.
Our frustration with the US legal immigration and retrogression seems endless. My wife and I are considering immigration prospects to Canada. Can somebody please suggest good responsive lawfirms that could handle a Canadian PR application? We would also appreciate some insight on Canadian immigration prospects for physicians. Thanks
I am no physician myself, but from what I hear foreign physicians in Canada have to go through the whole battery of licensing exams all over again. The going will be tough at least initially till you get all the relevant licenses. But I just do not know of that many physicians who immigrated to Canada.
Our frustration with the US legal immigration and retrogression seems endless. My wife and I are considering immigration prospects to Canada. Can somebody please suggest good responsive lawfirms that could handle a Canadian PR application? We would also appreciate some insight on Canadian immigration prospects for physicians. Thanks
more...
chanduv23
08-17 01:17 PM
I cannot believe there are 9 pages (and counting) worth of sentiments, because some lame talentless guy was subject to security checks at an International Airport. I'm someone who was born India, but never lived there - however I'd think there are incredibly talented Indians here in America and worldwide compared to someone who's used to blatant exploitation / sell out of Indian culture. The guy is a disgrace. And some of you, please stop rolling over to play the 'victim' in any given post.
You do not need to 'stand-up' for Shahruk Khan. Stand up for yourself, for every - everyday Indian Joe & Jane who've travelled from their hometowns to make a living and for a future. Stand up for the hero in you - not clownish make believe bollywood heroes.
Why do you think he is talentless? Just because he is not an ivy league or not a doctor? He is extremely talented. Belive me - getting into bollywood and becoming so big without any support is not easy. Most people in Bollywood are either offsprings of stars and they have strong support. SRK grew popular all over the world, not through any support but by himself. So he is definitely a star.
Do not disqualify such people. they have amazing capabilities, people listen to what they say. Look at all the good roles he has done in movies like Swades - though the credit goes to the director he is a "face" which people accept.
If we were a smart thinking group, we will utilize such publicity to better our cause. Instead we kept bashing everything around is claiming we "deserve" good things but we do not get it so we live with it and whats so special about him.
You do not need to 'stand-up' for Shahruk Khan. Stand up for yourself, for every - everyday Indian Joe & Jane who've travelled from their hometowns to make a living and for a future. Stand up for the hero in you - not clownish make believe bollywood heroes.
Why do you think he is talentless? Just because he is not an ivy league or not a doctor? He is extremely talented. Belive me - getting into bollywood and becoming so big without any support is not easy. Most people in Bollywood are either offsprings of stars and they have strong support. SRK grew popular all over the world, not through any support but by himself. So he is definitely a star.
Do not disqualify such people. they have amazing capabilities, people listen to what they say. Look at all the good roles he has done in movies like Swades - though the credit goes to the director he is a "face" which people accept.
If we were a smart thinking group, we will utilize such publicity to better our cause. Instead we kept bashing everything around is claiming we "deserve" good things but we do not get it so we live with it and whats so special about him.
lazycis
02-13 05:04 PM
See extract from Ombudsman's report
http://www.dhs.gov/xlibrary/assets/cisomb_annualrpt07__June_11_2007_section3e_untimel yprocessing.pdf
218,759 visas are available for recapture and those numbers were lost due to systematic agency delays and bad policies (i.e. name check).
http://www.dhs.gov/xlibrary/assets/cisomb_annualrpt07__June_11_2007_section3e_untimel yprocessing.pdf
218,759 visas are available for recapture and those numbers were lost due to systematic agency delays and bad policies (i.e. name check).
more...
mariusp
03-26 10:52 AM
I second that. I filed using labor subst and let me tell you, not all of us buy/cheat to skip the line. I filed using another employee's labor who's working for the same company. My PD is in 2006 which doesn't help much and I've been working for this company way before 2006 anyway. So don't jump to conclusions because there still are people out there who use LC subst. for what it was intended for. And can anyone honestly say that they would refuse LC substitution because it is "evil"? I think that with the current situation we should take advantage of any break we can get.
Very well said Subst_labor. People like Janak are simply jealous that you had the offer. People like him always will think that you are cheating the system or something like that just because a company offered you a labor substitution. I think that one should not judge such cases, and I am actually happy for all of those who are fortunate enough to receive their green cards sooner because of third factors. Good luck with your Labor subst. I hope the company is OK.
G
Very well said Subst_labor. People like Janak are simply jealous that you had the offer. People like him always will think that you are cheating the system or something like that just because a company offered you a labor substitution. I think that one should not judge such cases, and I am actually happy for all of those who are fortunate enough to receive their green cards sooner because of third factors. Good luck with your Labor subst. I hope the company is OK.
G
2010 2011 Justin Bieber Selena
Macaca
07-04 11:13 AM
"Immigration scandal goes unnoticed"
or "USCIS drama and tantrum to lessen workload"
or "Is this legal?"
or "Resignations due at USCIS"
or "Foul Play synonym USCIS Play"
Need more titles!
Most persons don't know what USCIS is. I did not know about USCIS/DOS/DOL... until after 1 year in retrogression!
or "USCIS drama and tantrum to lessen workload"
or "Is this legal?"
or "Resignations due at USCIS"
or "Foul Play synonym USCIS Play"
Need more titles!
Most persons don't know what USCIS is. I did not know about USCIS/DOS/DOL... until after 1 year in retrogression!
more...
_TrueFacts
09-04 08:06 PM
Dealsnet,
Yesterday too, you put a similar message to me
Shame on you for posting such kind of messages on a member. You seem to be a religious fanatic, no different than that dead thug YSR. That is the reason you are supporting him.
Yesterday too, you put a similar message to me
Shame on you for posting such kind of messages on a member. You seem to be a religious fanatic, no different than that dead thug YSR. That is the reason you are supporting him.
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sunnymit
07-30 10:30 PM
Dude chill relax. I am just having fun here. Read the two sentences ur self and conclude. That could be one of their approach too. I am not denying it:p
any words/sentences taken out of context can mean different things than the original intent. For e.g. here is what you said...
"Dude chill relax. I am just having fun here. Read the two sentences ur self and conclude. That could be one of their approach too. I am not denying it"
Anyway.. Dude... chill relax... no pun intended here :)
any words/sentences taken out of context can mean different things than the original intent. For e.g. here is what you said...
"Dude chill relax. I am just having fun here. Read the two sentences ur self and conclude. That could be one of their approach too. I am not denying it"
Anyway.. Dude... chill relax... no pun intended here :)
more...
tikka
07-04 09:43 AM
please continue Digging
http://digg.com/politics/USCIS_Visa_scandal
http://digg.com/politics/Rep_Lofgren_Issues_Statement_on_Updated_Visa_Bulle tin
http://digg.com/politics/U_S_Withdraws_Offer_of_60_000_Job_Based_Visas_Ange ring_Immigration_Lawyer/who
thank you
http://digg.com/politics/USCIS_Visa_scandal
http://digg.com/politics/Rep_Lofgren_Issues_Statement_on_Updated_Visa_Bulle tin
http://digg.com/politics/U_S_Withdraws_Offer_of_60_000_Job_Based_Visas_Ange ring_Immigration_Lawyer/who
thank you
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reddymjm
09-26 01:37 PM
Bump
more...
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ramus
06-27 09:48 PM
Yes I agree.. But if they don't move date foward then they can't approve those backlog applications.And they don't want to loose 40,000 visas . Now when they made all date current, they can approve all those pending application which are complete and just waiting for date to become current. Now we don't know real number and don't know how long it will take USCIS to do all approvals. But if they approve 40,000 in 2 weeks, I won't be surprised if they make it 'U' like other workers.
But then question still remains why they made all current. They could have just moved it by year or so.. And I am sure they know how many application they can expect in July.. I already saw some where that we have around more then 80,000 approved perm.. All they going to apply.. And what about all whose labor just got approved fro Backlog centers?
Its making everybody confused.. But its not in our hand and we can't do anything. Best thing is to file asap and just hope for best and we are always ready for worst..
Just think if they make date 'U' in middle of july, how many member going to loose money. Each of us spent so much money this month and if nothing happens that we loose all of it.
Iam a little skeptical about the AILA comment, If USCIS had "far more than 40,000 AOS applications that are ready to be aproved", why the heck would they make all the dates current.
Some argue that they wanted to gauge the true demand for GC out there. But in order to do that, they would 1st have to accept the application, go over it, acertain the number of beneficiaries involved etc..
Out of all the versions that I have seen floating around, I find this the most plausable, undoubtedly USCIS has a ton of pending applications, but a lot of these are struck in various sub-procceses (Name check etc), since they do not want to waste the visa numbers like last year, they are inviting additional applications so that if nothing else, easiest of cases go through.
Not to say, what AILA is saying cannot happen, 'coz who knows how these things really work. USCIS is this big black hole...
But then question still remains why they made all current. They could have just moved it by year or so.. And I am sure they know how many application they can expect in July.. I already saw some where that we have around more then 80,000 approved perm.. All they going to apply.. And what about all whose labor just got approved fro Backlog centers?
Its making everybody confused.. But its not in our hand and we can't do anything. Best thing is to file asap and just hope for best and we are always ready for worst..
Just think if they make date 'U' in middle of july, how many member going to loose money. Each of us spent so much money this month and if nothing happens that we loose all of it.
Iam a little skeptical about the AILA comment, If USCIS had "far more than 40,000 AOS applications that are ready to be aproved", why the heck would they make all the dates current.
Some argue that they wanted to gauge the true demand for GC out there. But in order to do that, they would 1st have to accept the application, go over it, acertain the number of beneficiaries involved etc..
Out of all the versions that I have seen floating around, I find this the most plausable, undoubtedly USCIS has a ton of pending applications, but a lot of these are struck in various sub-procceses (Name check etc), since they do not want to waste the visa numbers like last year, they are inviting additional applications so that if nothing else, easiest of cases go through.
Not to say, what AILA is saying cannot happen, 'coz who knows how these things really work. USCIS is this big black hole...
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eastindia
07-26 02:18 PM
I have been to just one of their meetings in bay area and found it to be a bit childish and full of fake people, people trying hard to portray themselve to be your best friend when in reality they are not
It is a selfish world and nobody is your true or best friend. Amway or no Amway.
It is a selfish world and nobody is your true or best friend. Amway or no Amway.
more...
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invincibleasian
01-27 09:38 PM
Go for it! Life itself is not fair!!
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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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immigrationvoice1
02-14 01:18 PM
You are assuming of course that all those who fall in the India category are Indians - I am not. I'm a Canadian who happened to be born in India and thus fall into that same bucket. My fellow Canadians who were born in Canada and are now in the US all support me in the removal of per country limits. Let us be more accurate and refer to this as the "mood amongst fellow Indian-born applicants", as opposed to "fellow Indians".
With one fifth of the world population born in India, we probably consider everyone who has anything to do with India as "Indians" (as Russell Peters, another Indo-Canadian (Anglo Indian) said, "Indians - the ones from the Convenience stores and NOT from the Casinos!"), its the same thing...."Desis" would be a wider term I believe! We love all !
Welcome...
With one fifth of the world population born in India, we probably consider everyone who has anything to do with India as "Indians" (as Russell Peters, another Indo-Canadian (Anglo Indian) said, "Indians - the ones from the Convenience stores and NOT from the Casinos!"), its the same thing...."Desis" would be a wider term I believe! We love all !
Welcome...
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Legal_Guy_HiTech_Slave
09-22 06:11 PM
Hello Friends,
I am going through a wierd situation with my GC process. Not that the EB3 PD is retrogressed but a different one. Silly it sounds. Please help me in making a right decision. Thank you in advance for your suggestions.
EB3 category.
PD : April 15,2003.
Labor: approved.
I-140: approved.
I-485: Only registered the application,FP done. Not applied for EAD,AP and others as I was not married at the "All gates open time in 2007"
My Wierd Situation / Issue: I was not married at the time when all categories were current in Jul/Aug 2007 and so I had only applied for myself for the application to register for 485 process (Main application), submitted my medicals, Submitted my DOB certificates and completed the 485 adjustment of status registration. I got married at the end of 2007 and got my all Finger Prints completed in December 2007. Now my wife is here on H4 and dont know if I should keep continue my 485 just to keep the file active or wait untill my PD is current (NO HOPES may be in my next life as it is EB3) and apply along with my wife. PLEASE help me with your valuable suggestions. I just want to be safe because I have been working here for 10 years on H1B visa and tired of this immigration rules and litigations.
I am going through a wierd situation with my GC process. Not that the EB3 PD is retrogressed but a different one. Silly it sounds. Please help me in making a right decision. Thank you in advance for your suggestions.
EB3 category.
PD : April 15,2003.
Labor: approved.
I-140: approved.
I-485: Only registered the application,FP done. Not applied for EAD,AP and others as I was not married at the "All gates open time in 2007"
My Wierd Situation / Issue: I was not married at the time when all categories were current in Jul/Aug 2007 and so I had only applied for myself for the application to register for 485 process (Main application), submitted my medicals, Submitted my DOB certificates and completed the 485 adjustment of status registration. I got married at the end of 2007 and got my all Finger Prints completed in December 2007. Now my wife is here on H4 and dont know if I should keep continue my 485 just to keep the file active or wait untill my PD is current (NO HOPES may be in my next life as it is EB3) and apply along with my wife. PLEASE help me with your valuable suggestions. I just want to be safe because I have been working here for 10 years on H1B visa and tired of this immigration rules and litigations.
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thomachan72
03-27 03:14 PM
Indian democracy can throw many surprises
I think UPA will get 273 and if that's the case then MMS
If NDA get's 273 (which is highly unlikely) then Advani (no Modi...otherwise also Modi's communal qualifications are pretty widespread outside of Gujarat). I like the guy but seriously PM of India and CM of Gujarat are 2 different things.
And if Third front comes to power (they just need around 200 as once they get 200 there will be breakaway groups from UPA and NDA so they can touch 273)
then we will see real democracy (read lust for power)
First 6 month Mayawati >> Followed by Jayalalita / SASIKALA for 6 months >> Followed by some one from LEFT (comorades work in groups..not sure who will be graced by politburo)
Above cycle will be repetitive >> and Govt will collapse when Mayawati will complete her second 6 months Tenure.
Just added something you forgot:D
I think UPA will get 273 and if that's the case then MMS
If NDA get's 273 (which is highly unlikely) then Advani (no Modi...otherwise also Modi's communal qualifications are pretty widespread outside of Gujarat). I like the guy but seriously PM of India and CM of Gujarat are 2 different things.
And if Third front comes to power (they just need around 200 as once they get 200 there will be breakaway groups from UPA and NDA so they can touch 273)
then we will see real democracy (read lust for power)
First 6 month Mayawati >> Followed by Jayalalita / SASIKALA for 6 months >> Followed by some one from LEFT (comorades work in groups..not sure who will be graced by politburo)
Above cycle will be repetitive >> and Govt will collapse when Mayawati will complete her second 6 months Tenure.
Just added something you forgot:D
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.
apt29
01-13 04:59 PM
Will this rule effect on EAD and AC21 also?
