gcpadmavyuh
08-12 01:16 AM
This is too good to be true.. How could you apply in June if you are Eb3 with PD Sept 2006? The PD was'nt current in June. Also, how did your 140 get approved in less than a month? Premium Processing was'nt there in July...
I think I have been very lucky so far. I don't think USCIS processes based on anything concrete, I think it's a little random. Or maybe I am just lucky.
I applied for PERM in Sep 2006 - EB3 - India.
I got approved for PERM in Mar 2007.
I applied for I-140 and I-485 concurrently in Jun 2007.
I-140 got approved July 20, 2007 and on July 23, 2007 I received all 4 receipts for I-140, I-485, EAD and AP. So my approval came before my receipt. I live in California so everything went to Nebraksa.
Lawyers emailed saying they also received the EAD card yesterday July 23, 2007.
Now I have to wait for only AP and Adjustment. And I still have 5 years left on my H1-B (2 years on this visa and then another extension).
So I say, anything is possible. I wake up every morning and pray to USCIS because they made my life better :) :) :)
I think I have been very lucky so far. I don't think USCIS processes based on anything concrete, I think it's a little random. Or maybe I am just lucky.
I applied for PERM in Sep 2006 - EB3 - India.
I got approved for PERM in Mar 2007.
I applied for I-140 and I-485 concurrently in Jun 2007.
I-140 got approved July 20, 2007 and on July 23, 2007 I received all 4 receipts for I-140, I-485, EAD and AP. So my approval came before my receipt. I live in California so everything went to Nebraksa.
Lawyers emailed saying they also received the EAD card yesterday July 23, 2007.
Now I have to wait for only AP and Adjustment. And I still have 5 years left on my H1-B (2 years on this visa and then another extension).
So I say, anything is possible. I wake up every morning and pray to USCIS because they made my life better :) :) :)
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Sachin_Stock
08-23 09:41 AM
Definition of EB-2 Advanced Degree:
------------------------------------------
Documentation, such as an official academic record showing that you have a U.S. advanced degree or a foreign equivalent degree, or an official academic record showing that you have a U.S. baccalaureate degree or a foreign equivalent degree and letters from current or former employers showing that you have at least 5 years of progressive post-baccalaureate work experience in the specialty.
Source: USCIS - Employment-Based Immigration: Second Preference EB-2 (http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b9ac89243c6a7543f6d1a/?vgnextoid=816a83453d4a3210VgnVCM100000b92ca60aRCR D&vgnextchannel=816a83453d4a3210VgnVCM100000b92ca60a RCRD)
------------------------------------------
Documentation, such as an official academic record showing that you have a U.S. advanced degree or a foreign equivalent degree, or an official academic record showing that you have a U.S. baccalaureate degree or a foreign equivalent degree and letters from current or former employers showing that you have at least 5 years of progressive post-baccalaureate work experience in the specialty.
Source: USCIS - Employment-Based Immigration: Second Preference EB-2 (http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b9ac89243c6a7543f6d1a/?vgnextoid=816a83453d4a3210VgnVCM100000b92ca60aRCR D&vgnextchannel=816a83453d4a3210VgnVCM100000b92ca60a RCRD)
nave_kum
08-12 05:45 PM
Buddyinus,
I know you are bit overcharged on this forum. I have already warned you politely and gently against personal attacks.
You have not heeded my advise and that of pappu.
Its time for second warning and if you continue and persist on your idiotic talk, you will really face the consequences.
I have already complained about your behavior and you still continue with your narrow and dogmatic thinking.
You really don't know the difference between assertion and assumption.
Let us move on and concentrate on the bigger issue.
I hope you will cool down and get down to basics. I don't want you to be banned from this forum as we need members and especially contributing members.
Best regards
sri
Guys...
I just logged in thinking that by Monday, we July 2nd filers wud be getting receipts. But after flipping the pages back on this forum, I saw that the Monday was indeed the previous one. This is indeed misleading. After seeing the ongoing tussle between buddyinus and Srikondo, I realised Buddyinus is right. Whats wrong in whatever he's saying??? The purpose of this thread is to discuss about the so called Monday's receipts. But since that Monday is gone, looks like u r fighting over nothing. How dare u warn anybody on this thread. I am with Buddyinus on this. He may be a junior but u dont have any rights to warn him. Beware.
I know you are bit overcharged on this forum. I have already warned you politely and gently against personal attacks.
You have not heeded my advise and that of pappu.
Its time for second warning and if you continue and persist on your idiotic talk, you will really face the consequences.
I have already complained about your behavior and you still continue with your narrow and dogmatic thinking.
You really don't know the difference between assertion and assumption.
Let us move on and concentrate on the bigger issue.
I hope you will cool down and get down to basics. I don't want you to be banned from this forum as we need members and especially contributing members.
Best regards
sri
Guys...
I just logged in thinking that by Monday, we July 2nd filers wud be getting receipts. But after flipping the pages back on this forum, I saw that the Monday was indeed the previous one. This is indeed misleading. After seeing the ongoing tussle between buddyinus and Srikondo, I realised Buddyinus is right. Whats wrong in whatever he's saying??? The purpose of this thread is to discuss about the so called Monday's receipts. But since that Monday is gone, looks like u r fighting over nothing. How dare u warn anybody on this thread. I am with Buddyinus on this. He may be a junior but u dont have any rights to warn him. Beware.
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Ramba
10-21 06:18 PM
Thanks Ramba for your insights.
Whatever the reasons - its apparent USCIS is not following the AC21 regulations and it is not fair. I believe, AC21 regulations are made with an objective of improving immigration rules for 21st century (and thus the name American Competetiveness for 21st century) and provide some mobility for the applicants while their GC applications are pending. The delay in application processing is still relevant (actually its more severe) - irrespective of whether its caused by processing or because of lack of visa numbers. AC21 regulations never mentioned about the origin of delay or the longivity of applicant with original company. Changing interpretation of a rule they made, that too without notice is unfair and maybe even unlawful.
So far I was thinking that its a case of misinformed IO rejecting I485 once they see a I140 revocation. But rejecting MTR on the grounds that employee has left the company on his/her own and so does not have intent of continuing in the job is just plain twisting of their own rules. And we need a much bigger effort - if its a case of a few misinformed USCIS employees incorrectly rejecting I485 - then it could have been fixed with a low key effort that we are doing. We are seeing more rejections based on unknown "interpretations" - and even MTR getting rejected - it kind of gives a feeling that they have a bigger agenda here and we need to fight on a bigger scale.
If a guy lawfully changed the job after 180 days of 485 filing, it is remain valid even if employer revokes already approved 140. Only solution to overcome this MTR, is taking this to court. In the case of dispute between employee and employer regarding "intent", the employee will have more leverage if he had a considerable period of employment relationship sponsor.
Whatever the reasons - its apparent USCIS is not following the AC21 regulations and it is not fair. I believe, AC21 regulations are made with an objective of improving immigration rules for 21st century (and thus the name American Competetiveness for 21st century) and provide some mobility for the applicants while their GC applications are pending. The delay in application processing is still relevant (actually its more severe) - irrespective of whether its caused by processing or because of lack of visa numbers. AC21 regulations never mentioned about the origin of delay or the longivity of applicant with original company. Changing interpretation of a rule they made, that too without notice is unfair and maybe even unlawful.
So far I was thinking that its a case of misinformed IO rejecting I485 once they see a I140 revocation. But rejecting MTR on the grounds that employee has left the company on his/her own and so does not have intent of continuing in the job is just plain twisting of their own rules. And we need a much bigger effort - if its a case of a few misinformed USCIS employees incorrectly rejecting I485 - then it could have been fixed with a low key effort that we are doing. We are seeing more rejections based on unknown "interpretations" - and even MTR getting rejected - it kind of gives a feeling that they have a bigger agenda here and we need to fight on a bigger scale.
If a guy lawfully changed the job after 180 days of 485 filing, it is remain valid even if employer revokes already approved 140. Only solution to overcome this MTR, is taking this to court. In the case of dispute between employee and employer regarding "intent", the employee will have more leverage if he had a considerable period of employment relationship sponsor.
more...
485Mbe4001
08-04 04:44 PM
i dont understand the point of your discussion. i doubt if you are EB3 or really care about helping with the letter. you wanted to make a point, you made it, no use arguing for arguments sake. Do you think that sending a 'factually correct' letter will make the dates active or get a different response. You imagine that a person at USCIS is sitting with a red pen correcting letters from 'highly skilled' applicants? A letter is an opinion to highlight an issue important and critical to them, let them express it. You can mail them a rebuttal if you want, why are you sowing doubts and ridiculing people who are interested in doing something.
if you want to help us, then why dont you critique the number USA letters, they are certainly not 'factually correct'. You can go there and defend our cause.
if some people want to send letters, let them send.
You havent experienced a long wait, i hope you dont. There are various reasons why people cannot use AC21...when you reach that stage you can weigh the pro's and con's.
If one is lucky enough to get a job of company vice-president then I am sure, in that case, company can do another I-140 and get PD ported.
BTW, I am yet to see any such cases where someone is offered job offer for vice president whereas he/she is working as Programmer.
I wish that he (guy in next cubicle) gets I-140 approved soon.
>> He was considered a EB-3 I. Don't you think he wants to know how many decades it will take for his dates to get current?
If his qualifications does not match with EB-2 job qualification, there is nothing much can be done in that case.
I am sure that many people would like to know when their PD is going to be current, but this can not be answered by anyone. Visa Bulletin dates depends on various input factors and they keep changing every month.
The PD uncertainty is, obviously, a part of GC process and kinda unknown factor.
if you want to help us, then why dont you critique the number USA letters, they are certainly not 'factually correct'. You can go there and defend our cause.
if some people want to send letters, let them send.
You havent experienced a long wait, i hope you dont. There are various reasons why people cannot use AC21...when you reach that stage you can weigh the pro's and con's.
If one is lucky enough to get a job of company vice-president then I am sure, in that case, company can do another I-140 and get PD ported.
BTW, I am yet to see any such cases where someone is offered job offer for vice president whereas he/she is working as Programmer.
I wish that he (guy in next cubicle) gets I-140 approved soon.
>> He was considered a EB-3 I. Don't you think he wants to know how many decades it will take for his dates to get current?
If his qualifications does not match with EB-2 job qualification, there is nothing much can be done in that case.
I am sure that many people would like to know when their PD is going to be current, but this can not be answered by anyone. Visa Bulletin dates depends on various input factors and they keep changing every month.
The PD uncertainty is, obviously, a part of GC process and kinda unknown factor.
Humhongekamyab
06-11 12:42 PM
Instead of ruining our life running after GC, here are few options
1) if you really want to live in a developed country, move to Canada or Australia. their process is much simpler and faster
2) cash out your investments and move to India. you might end up back in US on L1 :)
3) since some of us have had babies here, wait till they can sponsor you.
i have personally done 2 of the above. I have a Canadian PR and i have established contacts in India in case i need a job there. What am i doing here? saving as much money as i can, and waiting for the right opportunity in Canada or India. GC can kiss my ......., i got better things to do in life.
Let's stop wasting our time and pages on ALTERNATIVES (Canada, Australia, India, or timbaktu). Those who are serious about the alternatives just opt for those. We are here to fight our case for increased visa numbers and lets do that.
1) if you really want to live in a developed country, move to Canada or Australia. their process is much simpler and faster
2) cash out your investments and move to India. you might end up back in US on L1 :)
3) since some of us have had babies here, wait till they can sponsor you.
i have personally done 2 of the above. I have a Canadian PR and i have established contacts in India in case i need a job there. What am i doing here? saving as much money as i can, and waiting for the right opportunity in Canada or India. GC can kiss my ......., i got better things to do in life.
Let's stop wasting our time and pages on ALTERNATIVES (Canada, Australia, India, or timbaktu). Those who are serious about the alternatives just opt for those. We are here to fight our case for increased visa numbers and lets do that.
more...
Jimi_Hendrix
11-19 12:43 PM
I see that most of the people who initially responded to my first post about the southern california state chapters have some recent activity i.e. they have visited this website in the last 2 days after my last posting requesting you to e-mail me about your availability for a conference call today. Not one of you has responded to my request to e-mail me.
I just want to make you all aware that IV core members can do a limited amount of work. They are definitely not superhumans although we expect them to be as such. If we fail in our efforts to secure any retrogression relief we will have only ourselves to blame in such a situation. Besides this is a very ripe time to be active and talk to politicians here in Southern California region. I would like to reschedule the conference call for the coming week/weekend depending on your availability.
In the end our best intentions and best wishes are not going to get us the immigration relief we want. We also cannot blame IV core team if we do not start working and lending them a hand. The choice is clearly ours. I hope that all of us will be more forthcoming and open to spending some time on IV work in the future.
Regards
Amit
I just want to make you all aware that IV core members can do a limited amount of work. They are definitely not superhumans although we expect them to be as such. If we fail in our efforts to secure any retrogression relief we will have only ourselves to blame in such a situation. Besides this is a very ripe time to be active and talk to politicians here in Southern California region. I would like to reschedule the conference call for the coming week/weekend depending on your availability.
In the end our best intentions and best wishes are not going to get us the immigration relief we want. We also cannot blame IV core team if we do not start working and lending them a hand. The choice is clearly ours. I hope that all of us will be more forthcoming and open to spending some time on IV work in the future.
Regards
Amit
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abhishek101
09-01 03:24 PM
Landed in july 2000
Changed employer in nov 2000
Joined a fortune 10 company in aug 2001, they had a policy to wait for 1 year before any GC application.
Started process in August 2002, Finally labor was filed in March 2003
May 2004 Company bought another company and in merger my department was closed, Was laid off in October 2004, was lucky enough that a job I had interviewed internally came through. Started with them in October 2004 but with a 20% salary cut :(
Finally labor was approved in 2005.Got 140 approved in Jan 2006.
Dates became current in June 2007 but lawyer delayed the filing till July when all dates became unavailable. Due to political pressure dates became current and was able to file for 485.
Got married in Nov 2008.
Company bought another company in 2008 and the merger resulted in job loss again in April 2009.
Was lucky enough again to find another job in the company.
Within 1 month got another job offer in the company with a promotion. So after 2004 came back to original salary in 2009.
Still in 2010 I am not making as much money as I made in 2000-2001 when I had just landed.
Talked to my new manager in Dec 2009 to apply GC in EB2 since it is a VP position with 8 year experience requirement he said a big NOOOOOOOO.
Finally boss agreed to start the new GC in EB2 in July 2010.
Talked to lawyer and after evaluation they agreed that my new job is more than 50% different from my old jobs and hence I can use the experience.
Started the process with the lawyer but since it is a big company all processe take forever to begin :(
Changed employer in nov 2000
Joined a fortune 10 company in aug 2001, they had a policy to wait for 1 year before any GC application.
Started process in August 2002, Finally labor was filed in March 2003
May 2004 Company bought another company and in merger my department was closed, Was laid off in October 2004, was lucky enough that a job I had interviewed internally came through. Started with them in October 2004 but with a 20% salary cut :(
Finally labor was approved in 2005.Got 140 approved in Jan 2006.
Dates became current in June 2007 but lawyer delayed the filing till July when all dates became unavailable. Due to political pressure dates became current and was able to file for 485.
Got married in Nov 2008.
Company bought another company in 2008 and the merger resulted in job loss again in April 2009.
Was lucky enough again to find another job in the company.
Within 1 month got another job offer in the company with a promotion. So after 2004 came back to original salary in 2009.
Still in 2010 I am not making as much money as I made in 2000-2001 when I had just landed.
Talked to my new manager in Dec 2009 to apply GC in EB2 since it is a VP position with 8 year experience requirement he said a big NOOOOOOOO.
Finally boss agreed to start the new GC in EB2 in July 2010.
Talked to lawyer and after evaluation they agreed that my new job is more than 50% different from my old jobs and hence I can use the experience.
Started the process with the lawyer but since it is a big company all processe take forever to begin :(
more...
Winner
05-03 02:34 PM
Can the members in Texas and others call on Sen. Cornyn's office and ask him to support the bill. I just called their office, and the staff says that he has no statement from the senator, and therefore has no position as of yet. I asked him about the above report, and all he offered was "no comments"
Hope IV members step up their efforts in calling the list of Senators and post their feedback on this forum. We can learn from each others feedback and bring more pressure on these legislators.
Not sure why they are so inconsistent, I called Sen. Cornyn's office an hour ago and spoke to one of his staff members, they told me Senator does not support the bill because of the issues he has will parts of the bill which provides undocumented works a path to citizenship, but we had a good a good conversation about the legal immigrants issues and potential solutions in the bill. She promised to convey my message to the senator.
Hope IV members step up their efforts in calling the list of Senators and post their feedback on this forum. We can learn from each others feedback and bring more pressure on these legislators.
Not sure why they are so inconsistent, I called Sen. Cornyn's office an hour ago and spoke to one of his staff members, they told me Senator does not support the bill because of the issues he has will parts of the bill which provides undocumented works a path to citizenship, but we had a good a good conversation about the legal immigrants issues and potential solutions in the bill. She promised to convey my message to the senator.
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chanduv23
02-25 07:33 AM
Yesterday, @seaworld, the oldest Shamu got frustrated and killed the trainer. Imagine the level of frustration that goes through her when she is doing the smae thing again and again for 20 years.
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meridiani.planum
12-11 01:04 PM
Pardon my ignorance.... Can you enlighten me as how Vertical and Horizontal spillover works ? What exactly happens in Vertical spillover and how is it different from horizontal.
horizonal is unused visa's from a category flow down to other categories this way:
EB2 ROW -> EB2India + EB2China -> EB3 ROW -> EB3 I+C, or
EB2 ROW -> EB2India + EB2China -> EB3 (ROW+I+C)
there is some controversity about the last one, some people believe it flows through EB3 ROW and comes down, others say EB3 is all treated equal. Based on data in the past (the fact that EB3 India got tens of thousnads of approvals in 05 and 06 even though EB3-ROW was retrogressed, means its mostly the latter (EB3 (ROW+I+C))
vertical is:
EB2 ROW -> EB3 ROW -> EB2India+EB2China -> EB3India+EB3China
horizonal is unused visa's from a category flow down to other categories this way:
EB2 ROW -> EB2India + EB2China -> EB3 ROW -> EB3 I+C, or
EB2 ROW -> EB2India + EB2China -> EB3 (ROW+I+C)
there is some controversity about the last one, some people believe it flows through EB3 ROW and comes down, others say EB3 is all treated equal. Based on data in the past (the fact that EB3 India got tens of thousnads of approvals in 05 and 06 even though EB3-ROW was retrogressed, means its mostly the latter (EB3 (ROW+I+C))
vertical is:
EB2 ROW -> EB3 ROW -> EB2India+EB2China -> EB3India+EB3China
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inskrish
08-11 07:34 PM
I am July 2nd filer, Got finger print notice from NSC with notice dated 8/7.
Congrats!
Congrats!
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vparam
09-17 08:59 PM
we are planning to start an LLC as a group of three here......one of them being in india.i was wondering about the tax issues for a member of an LLC if he is based in India.Can he get an tax identification number.thank you.
Yes you can have international partners in LLC but they also need to pay tax, Unless it is a single member LLC , when you get taxed as individual otherwise you get taxed as a corporations. I think it is better to ask an accountant on how to include the international partner
Yes you can have international partners in LLC but they also need to pay tax, Unless it is a single member LLC , when you get taxed as individual otherwise you get taxed as a corporations. I think it is better to ask an accountant on how to include the international partner
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Marphad
02-26 02:46 PM
What do you mean they should???? Are they not already doing so?
Either you are too new to community or your spouse is working for USCIS :).
Either you are too new to community or your spouse is working for USCIS :).
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desi3933
07-06 10:50 AM
....
Although 30,000 people are IV members but when you need them except a couple of hundred you don't see anyone.
How can an organization work which can't even collect 5K a month from its members. We all are willing to spend hundreds ( sometimes thousands ) of dollars on EAD, AP , H1, labor, I-140, I-485, lawyers etc etc and don't even spend 100$ a year (yes not month - a year).
......
.....
>> Although 30,000 people are IV members
I beg to differ here. 30k+ plus people have signed up so far, but how many are active now? How many have even logged in IV in last 3 months or even 6 months? I don't see any link to discontinue membership here, so we don't know how many people up signed up and left?
There is no way to know count of "active members". Many IV members have got GC in last 2 years and they have "quitely" left IV and forgotten the struggle by EB based immigrants. How many members stay at IV after getting GC?
Many people believe that by getting EAD they are Temp GC holders and motivation for seeking any benefit is gone.
I am pained to say this, but we are a thankless community.
.
Although 30,000 people are IV members but when you need them except a couple of hundred you don't see anyone.
How can an organization work which can't even collect 5K a month from its members. We all are willing to spend hundreds ( sometimes thousands ) of dollars on EAD, AP , H1, labor, I-140, I-485, lawyers etc etc and don't even spend 100$ a year (yes not month - a year).
......
.....
>> Although 30,000 people are IV members
I beg to differ here. 30k+ plus people have signed up so far, but how many are active now? How many have even logged in IV in last 3 months or even 6 months? I don't see any link to discontinue membership here, so we don't know how many people up signed up and left?
There is no way to know count of "active members". Many IV members have got GC in last 2 years and they have "quitely" left IV and forgotten the struggle by EB based immigrants. How many members stay at IV after getting GC?
Many people believe that by getting EAD they are Temp GC holders and motivation for seeking any benefit is gone.
I am pained to say this, but we are a thankless community.
.
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belmontboy
05-13 11:05 PM
� I-140 filed 05/04/2007
� I-140 approved 09/04/2007.� I-485 filed on 07/02/2007.
� Changed jobs on 07/14//2008 (after 1 year of pending I-485)
� Soft LUD on I-140 02/03/2009 (possible revocation of I-140 from my previous employer)
� got I-485 denial notice on 02/18/2009
� filed MTR on 02/27/2009
� MTR dismissed on 03/26/2009 (on the grounds that I-140 was denied on 09/04/2009)
� filed second MTR on 04/23/2009
� soft LUDs on the second MTR on 04/27/2009 and 04/28/2009
was ur first MTR denied in error?
as per you, your I-140 was never denied.
� I-140 approved 09/04/2007.� I-485 filed on 07/02/2007.
� Changed jobs on 07/14//2008 (after 1 year of pending I-485)
� Soft LUD on I-140 02/03/2009 (possible revocation of I-140 from my previous employer)
� got I-485 denial notice on 02/18/2009
� filed MTR on 02/27/2009
� MTR dismissed on 03/26/2009 (on the grounds that I-140 was denied on 09/04/2009)
� filed second MTR on 04/23/2009
� soft LUDs on the second MTR on 04/27/2009 and 04/28/2009
was ur first MTR denied in error?
as per you, your I-140 was never denied.
more...
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pappu
09-13 03:28 PM
Please post the URL
Pls see the first post on this thread for directions and the URL
Pls see the first post on this thread for directions and the URL
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rameshk75
01-18 11:49 PM
Check with your employer/attorney before going to the local office. They might have received your documents by now.
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ps57002
09-02 12:21 PM
Thanks all.
I'm in my mid thirties now. I came as a teen, fifteen.
So I wonder....should the dream act come through....could it work in my favor too lol? I came through no choice of my own (though legally) with my parents....
And do i get a GC for beating everyone on here :)
j/k.
I'm in my mid thirties now. I came as a teen, fifteen.
So I wonder....should the dream act come through....could it work in my favor too lol? I came through no choice of my own (though legally) with my parents....
And do i get a GC for beating everyone on here :)
j/k.
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.
svr_76
09-14 06:20 PM
GCTest..you are right. I am with you.
Rather I would like to add more items to what u have listed-
1. Its wrong for EB2 filers to find/marry a us citizen. That will be unethical of them to do as they will be jumping lines. Because u would be unable to do if u would have married non-citizen..so based on GCTest's logic please dont marry us citizen or if u have marriued continue to only use you EB2 application for processing :-)
2. Also people who are now planning of using EB5 (assuming u have now saved/gather enough money). So EB2, EB3 or other people u have been saving money and are now thinking of risking ur money/career/life on EB5 filing..please dont do that...because that will be unethical.....u r doing it bcos u now have money. Per GCTest's logic u did not having money u filed ur EB2 or EB3 application so if u have money now...dont try to use it.
GCTest...can u think of other conditions ...do post them.
Oh yes corollary to #1. Also bachelors in EB2/EB3 category make sure u dont fall inlove and plan to marry any girl/boy from the countries which are current. Help GCTest's cause.
:-)
Rather I would like to add more items to what u have listed-
1. Its wrong for EB2 filers to find/marry a us citizen. That will be unethical of them to do as they will be jumping lines. Because u would be unable to do if u would have married non-citizen..so based on GCTest's logic please dont marry us citizen or if u have marriued continue to only use you EB2 application for processing :-)
2. Also people who are now planning of using EB5 (assuming u have now saved/gather enough money). So EB2, EB3 or other people u have been saving money and are now thinking of risking ur money/career/life on EB5 filing..please dont do that...because that will be unethical.....u r doing it bcos u now have money. Per GCTest's logic u did not having money u filed ur EB2 or EB3 application so if u have money now...dont try to use it.
GCTest...can u think of other conditions ...do post them.
Oh yes corollary to #1. Also bachelors in EB2/EB3 category make sure u dont fall inlove and plan to marry any girl/boy from the countries which are current. Help GCTest's cause.
:-)
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