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  • SunnySurya
    08-05 03:17 PM
    Don't remember exactly, I can look into the wording of the law but I think
    post bachelor 5 year experience for EB2 is a law and not Memo.
    Wondering whether the post bachelor 5 year experience for EB2 was also a memo. If so when was that memo written - before or after the Yates 2000 memo?





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  • psam
    07-13 05:57 PM
    I have seen these arguments too many times. I have seen STEM vs non-STEM argue over fairness. Maths vs MBA. Now its EB-3 vs EB-2.
    At a high level, we all are for skill based legal immigration. Lets work towards that broader goal.





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  • nojoke
    04-08 03:38 PM
    Read my previous post. You have insulted every member by comparing their intelligence with someone who was so dumb enough to buy something beyond his reach. BTW thanks for taking the pain to google out the fruit picker�s story. This is my last post for you guys. You go ahead and discourage people while I will take some rest in my house.

    I am not here to pick a fight. I am showing what is happening in the housing and where it is heading. When I saw all those recomendations of "go ahead and buy" and the rosy pictures you guys are presenting, I wanted to show the other side and what is in store for the future of this economy. NAR has destroyed the economy with slogans like "they are not making any more land". They are liers to the core. Imagine these guys making 300K plus ...and they certainly have incentive to lie and mislead.





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  • gimme_GC2006
    04-13 09:26 PM
    Hi gimme_GC2006,

    I am no expert in this matter but may be you should respond with all the info you have. Contact Number, Address, Supervisor Name, Phone Number etc - and a brief statement saying that the company does not exist anymore etc etc. If they want to -- they can track down your supervisor etc from the non-existent company if they want to verify your employment.

    Again its best if you get help with a qualified attorney - (should'nt hurt to spend a few $$ more to have a peace of mind) plus yours is the only case of this type I am seeing on these boards so is a bit disconcerting...

    All the best,
    cinqsit

    thanks for the suggestion..I dont have those details..for now its all good..but I was thinking one more time, I will hire an attorney.. :)



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  • Refugee_New
    01-07 09:44 AM
    If you are comparing the Sivakasi rocket with the Hamas's rocket, I can only sympathize with you. You certainly need to learn a lot--atleast the definition of 'Rocket' or 'Terrorists'.

    My point is sivakasi rocket has the capability of killing 6 people and 7000 hamas rockets taken lesser than that. We are reacting as if they have wiped out the entire nation. How inferior these rockets are when compared to sivakasi rocket. I am not justifying the rocket attack, but pointing out their impact and the voilent reaction to that.

    Every nation has right to defend itself and its people. Isreal has the same rights to protect people. That doesn't mean they can go and kill innocent civilians including elderly person, women, children, shcool children and bombing schools, hospitals, detroying infrastructure etc. After killing school kids, just dont justify your killing by saying they use kids as human shield. Dont destroy and don't lie.





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  • walking_dude
    09-28 08:01 PM
    Obama presidency will be a positive experience or a negative, based on whether Sen. Obama chooses to show Leadership or panders to the extreme left-wing of his party.

    Obama has everything to gain from supporting the EB community. An example is the loyal following Pres. Clinton has developed with the Asian community through the passage of recapture in the American Competitiveness in the 21st Century Act. Passing pro-EB immigration bills will definitely create a pro-Obama community as he gets ready to run for the second term. Though these new Permanent Residents may not be having the vote, they can contribute generously to the Obama campaign legally.

    Obama campaign won't be able to bank on 'Hope and Change' for the second term. Contributors will be judging him based on what he has done for their community. As he faces the Republican money-machine these contributions from the grateful former-EB immigrants will create a safe avenue for funding.

    Helping EB immigrants will not hurt Obama with the labor unions and left-wing groups. Whatever be their gripes, they will not be voting Republican or contributing Republican for sure. Same cannot be said of EB immigrant community who can by and large go Republican, if they see Obama working to the detriment of their interests and the community. With Asian votes and more importantly being so crucial in NY/NJ and CA, If I were Obama I would think hard before supporting anything that can turn these communities against me, and my party for a long time given the uncertainties of politics. If past trends have been any indication EB immigrant community has always voted solidly Democratic. Last thing any sensible leader or party will do in democracy will be losing thousands of future voters likely to vote for them and/or their party.

    Obama can either create a lasting Legacy with this community.Or he can make them angry for life by pandering to the extreme left-wing of his party, who won't even remember the action come the next elections. I hope Obama makes a sensible choice for the greater good. But if the current Democratic party politics is any indication, I am skeptical. It is beyond my understanding why the Democratic party leadership is hell-bent on converting the pro-Democrat EB immigrant community into future reliable Republican voters, by consistently black-balling any bills that could help the community!

    Passing anti-EB immigrant measure will NOT help the Dems get any new votes that they already don't have. Dems may lose a few votes for short term -which I highly doubt - by passing Recapture and other pro-EB bills. But that loss will be more than offset by new grateful voters who will vote Democratic for a generation and may be more. I can only hope that common sense prevails, and Obama acts keeping the common interests of his party and EB immigrants in mind while acting on the issue, while getting ready to pack-up for Canada or India, if forced to do so by Sen. Durbins pet policies.



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  • GCapplicant
    07-14 04:38 PM
    Because when Eb3 ROW were getting approved they had no personal friends getting approved but suddenly now with Eb2 India moving forward they know people who will get GC soon and this hurts, when then see these people (friends) in temple or get together who will be (soon) GC holders and so this cry of fowl play comes in behind the mask of anonymus user id a vieled attack



    Comments like heartburn ,jealousy over friends in EB2 does not sound right.There are my friends who have learnt from my mistake.

    Its neither appropriate to exclaim like this.Whateverthe case may be it is ofcourse injustice to EB3.

    Your reactions for the frustrations of EB3 is really the worst part you are doing for your own community.

    Why were you silent when EB3 Row were receiving ? Did you know at that time the vertical and horizontal interpretations.Bringing out the problem when its over is of no use either.

    Great ! Very nice wonderful own kind around.You want your GC right ,dont worry.

    This shows nature,when own kind dont respect others neither will outsider.





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  • mariner5555
    04-09 10:51 PM
    we've found that the more compelling arguments tend to be those related to US competitiveness. If I was to use the housing argument in a meeting, I would use it in a light hearted way while making a serious point.
    For most, common sense of justice is an issue, in which case housing can be brought up, but again, not an issue to focus on too much, more in the context of 'it is ironic that many of us want to buy houses but GC wait is what prohibits that, not the credit crunch'. Can be mentioned in passing, but not worth focusing on.
    Mentioning it in light hearted way would help too when you have predictions like this (latest report) from International Monetary Fund.
    ------
    House prices have already fallen by around 10% in the US by some measures, and the IMF says that they may be over-valued by more than 20% in the UK, Ireland and Spain.
    It is forecasting further falls in US house prices of 14% to 20% this year.
    ---------
    GC is definitely the main issue for atleast 10 of my friends (and I guess it is an issue for many others). our view is why invest in immovable assets while we are at the mercy of a govt agency.
    ofcourse - I would guess that many of the govt advisors must have suggested the link between immigration and housing to the policy makers. in the end it is supply and demand.
    there are other ways too ..US laws are influenced by lobbyists and I am sure there is a huge builders, realtors lobby ..maybe IV could explain the issue to them ..and in turn expect them to explain this issue to lawmakers ..

    a quick note - I am not saying that if a person gets a GC then he will run and buy a house. but for many GC is the first thing that has to happen before he/she even starts to look around.



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  • NKR
    08-06 03:29 PM
    yes, ofcourse it makes a difference for lot of people, i was just stating my case.

    Yes, EB3 person (e.g-A) can acquire skills over a period of time and so does a person who went for higher education and is EB2 (e.g-B). They both should be equal, but what porting does is makes "A" ahead in line of "B" which i think is unfair.
    If there was no porting, A has a PD of 2002 (in EB3) and B has a PD of 2005 (in EB2), then they are almost in the same position, which i think is fair.

    My situation is different because i haven't applied for labor, so i am not undermining my education. If i was to apply anytime, i would apply for EB1 or EB2.
    But as i said, i personally do not see any value in getting the GC a few years earlier or later.

    According to you A acquires skills over a period of time and so does a person who went for higher education and is EB2. You also say that if there was no porting, A has a PD of 2002 (in EB3) and B has a PD of 2005 (in EB2), then they are almost in the same position.

    At this point both of us agree that A and B are equal, right?

    If they both are EQUAL, then can you guarantee that both PDs will move at the same rate?. If A�s PD becomes unavailable and B�s become current. B will get GC faster than A even though both were equal (from your logic). Is this fair, then?





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  • jkays94
    10-03 12:49 PM
    Its a pity when it is obvious through numerous congressional debates who the culprits are in blocking EB friendly legislation. Here we are again with the EB recapture bill and who again is blocking it? The New York times identifies them by name and nowhere does it mention Durbin. Its thus is beyond comprehension when unfounded future claims of doom, apprehension and fear are spread without the basis and contrary to facts presently before us. Instead one needs to be more concerned about the possible reelection of the two below and several of their sidekicks:

    Jeff Sessions (R)
    Steve King (R)

    A House bill that could recapture an estimated 550,000 lost visas, sponsored by Representative Zoe Lofgren, a California Democrat, has been moving slowly through the committee process despite the best efforts of members like Representative Steve King, Republican of Iowa, to sabotage it with ridiculously restrictive amendments.

    In the Senate, Robert Menendez, Democrat of New Jersey, is insisting that a visa-recapturing amendment be added to a bill reauthorizing E-Verify, the federal database program to prevent the hiring of illegal immigrants. For this, he has endured an onslaught of criticism from nativist groups and colleagues, like Jeff Sessions of Alabama. (http://www.nytimes.com/2008/10/03/opinion/03fri2.html?ex=1380772800&en=282e9836144364be&ei=5124&partner=permalink&exprod=permalink)



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  • riva2005
    05-16 06:51 PM
    It is very simple -- the 'consulting on the bench' business is ILLEGAL. You can have any opinion on it you wan't, but the bottom line is it is against the law. If you can't meet the legal requirements, you shouldn't be here in the first place.

    And what do you think about the skilled and HONEST people in this world, finding a job and having an H-1B petition submitted on their behalf, only to see all the H-1Bs go in a single day due to the consultants? My sympathy goes to these people instead of any 'consultant'.

    It is amazing that people don't seem to grasp the concept of something being ILLEGAL, and instead seem to rely on some self-perceived logic as to what they can and can't do. Let us focus on the illegal clogging of the system and restore it to the otherwise great visa program it was meant to be.

    Ok fine. you are right. I am wrong. I have run out of arguments and unless I repeat them like you are repeating them, I dont have anything new to add. Go and support the Durbin-Grassley bill. Make phone calls and write letters to other lawmakers and tell them that Durbin-Grassley is a good idea.

    Thanks for listening and responding so far.





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  • gcwait2007
    06-26 11:31 PM
    Pandey ji / Valid IV
    o.k..I will explain it slowly ..I can understand that those who are homeowners will justify their home purchase. some maybe in denial and have their head in sand.
    honestly, few months back, even I would have purchased a house . if I had, I would still admit -- that home is not necessarily good investment but a place to stay. even after I buy, I would still say that renting in an apartment has its advantages. here are 2 links in english.
    Why rent? To get richer - MSN Money (http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/WhyRentToGetRicher.aspx)
    Why Your Mortgage Won't Make You Rich - WSJ.com (http://online.wsj.com/article/SB124352291846962809.html)
    --------------
    now you need to read this carefully else you won't understand what the authors are trying to say ..since it is bit unclear but it has good points (not trying to make fun here :)) ..do read since they are superb articles
    but here is even simpler explanation and hopefully that will explain what I am trying to say ..if you still don't understand ..u will need to find someone else to explain.
    first renting gives you flexibility ...so say, u get better job offer or lose job - you don't lose lot of money compared to house if you have to move.
    for 250K house, you pay around 300 property tax, 60 HOA fees, 150 - 200 in maintenance (recurring like lawn plus once in long term like roof, painting etc) , 100 - 150 extra in utilities. you pay downpayment of 50 k ..if you were to invest that money in better investments (mutual funds, stocks, high CDs. bonds) ..you would make 250 - 300 per month. plus add fees when you have to sell the house, insurance, termite protection etc etc ..
    plus in many cases, you end up buying a house further away than if you were to rent (since many want brand new house ) ..this means extra 250 - 300 in gas + vehicle degradation per month.
    (ALSO SAY U WERE IN MICHIGAN OR IN CALIFORtNIA -- you could get away from the state after making money easily if you were renting. .home means you could end up stuck there).

    I agree in apartment you get less space and hence I mentioned - u need to ask - do you really need extra space at this time in life - if yes, then home is better. (but renting a home is even better esp if prices are still falling in your area in this case).
    btw - as of now rents are going down -- you just need to negotiate.
    now you don't get the money back in rents..but neither do you get money paid in the expenses listed above.
    (in other words - you don't get money back that you pay in rent yr apt BUT you get a place to stay ..this is not India where you can sleep on foot path - so you need a place. apartment property owner will make a small profit - but that is the system)

    before you jump - house is good when it appreciates by atleast 1 -2 percent above inflation and I am not saying that you should never buy a house.
    there are many other points and I will post it in IV WIKI ...and I hope this helps newcomers ...this is my last personal post ...and do watch the movie :) ..once again I did mention in plain english that it is worst case scenario (the movie "pacific heights")..but best case scenario is not good either if you are a landlord with property in US while you are in India (or vice versa).

    hope that answers your question ..please note: the above is for normal cases ..but if you get a good deal or short sale or foreclosed home for 50K --- then yes, buying makes sense !!

    Hello Hiralalji,

    Excellent post. Salute to you!

    Thank you once again



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  • DoNotWorry
    04-13 09:41 AM
    I agree fully on this. Working/staying more hours at office does not mean, he/she is "really working"

    I saw some people, get used to this trend and ignore their families, pity on them!!!!


    When in college students used to rag others just because they were ragged when they joined the college. It�s not because they want to, it is just because they went through it. Indian software companies are just like, I worked enough in software industry and I have even been on call 24 hours but the truth is, it was never 12 hours or 10 hours work every day. Yes, occasionally I had 12 hours work which is the same in every industry and I used to get calls in the middle of the night at least once or twice during the night, but its not 10 hours work everyday. We want to impress our boss by working 10 hours, that�s the truth; it�s not that your boss wants.

    Similarly, in India people go to work on Saturday not because they have work but to show their face to their PM. Even if God comes down and says that people in India work 10 hours everyday, I cannot believe it. They might be in office for 10-12 hours but that does not mean they are working. It is the people who should be blamed for this. Yesterday�s programmer or today�s PM, and they expect the programmer to be there in the office for 10 hours just because they went through it. I am an ex TCSer, things worked exactly as I said. It is never going to change. All these talks about stress and coding 10 hours straight come on.....:cool:





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  • rockstart
    07-15 08:04 AM
    Exactly I am trying to understand what pani_6 wants to really say. If DOL rejected their labor there must be some official reasons given and I am sure it will never be that economy is slow. If that is the case they would have put complete freeze on Eb2 and Eb1 category. I think the letter is factually incorrect and misleading

    So what you are saying is - some EB2 RIR petitions were rejected by DOL and employers re-applied under regular supervised recruitment under EB3.

    How does this imply that "DOL advised some of us to file under EB3?"



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  • nojoke
    04-21 03:43 PM
    I suggest you stop looking at national level figures if you are seeking accurate information. Look at the specific neighborhood you have mind and you may find that the situation there is not exactly what is shown on CNN.

    As an example the DFW area is doing alright inspite of the gloomy picture painted by the media at the national level. Used homes will take longer to sell, but it is nowhere as bad as Florida or CA. And we are not discussing selling here anyway...we are discussing buying.

    The Dallas Morning News. �The housing downturn is hitting almost every neighborhood in the Dallas area. Even affluent close-in residential areas that had previously avoided declines, including the Park Cities and North Dallas, are seeing falling prices and significant drops in home sales.�

    �And sales of high-end homes no matter where they are � until recently a bright spot � are sliding, too. Economists and other experts blame a large inventory of recently built speculative homes, higher interest rates for large mortgages and sellers who have not lowered unrealistically high prices.�

    ��We are definitely seeing a deterioration in sales across price ranges,� said D�Ann Petersen, business economist with the Federal Reserve Bank of Dallas. �The high end did hold up quite well until recently.��

    �Preowned home sales dropped 25 percent in the Park Cities. And prices were down 1 percent from a year ago � the first such decline in more than five years, according to North Texas Real Estate Information Systems.�

    �In North Dallas, sales in the first quarter were down a staggering 40 percent. Prices were also off by 1 percent from a year ago. Median home sales prices dropped by 4 percent in Far North Dallas, and sales in that area fell by 26 percent.�

    �Sales prices fell in almost two dozen of the 46 residential districts The Dallas Morning News tracks each quarter.�

    �Even the most blue chip neighborhoods are having some problems. �I talked with a leading appraiser who said he was working on 16 or 17 foreclosures in Preston Hollow � they were all builders,� said longtime Dallas residential agent David Nichols. He said there are �plenty of buyers out there,� but with so much to look at, they are taking longer to decide on a house.�

    �Sales of $1 million-plus homes fell by 19 percent in the first quarter in North Texas. The sharp decline follows several years of double-digit gains at the top of the local market. Sales of homes priced between $600,000 and $1 million fell by between 20 and 38 percent in the first three months of 2008 compared with the same period last year.�

    ��People who have a lot of money and are looking to buy the very expensive properties aren�t stupid with their money � they don�t like paying the higher cost and may be waiting for the market to respond,� Mr. Gaines said.�

    �Veteran Dallas appraiser D.W. Skelton isn�t surprised to hear that the first-quarter preowned home sales statistics look a bit bleak. �We�ve seen it for a while,� he said. �The numbers are not as optimistic as some would lead you to believe.��

    ��Most of it is the result of builders running up values in some neighborhoods and now they have come down,� Mr. Skelton said. �It�s more a problem of price point � no matter what the location. They need to come off those prices. Their expectations were unrealistic because our market was so robust for so long.��

    �All the publicity about so-called rescue plans to help troubled homeowners isn�t having an impact so far on Dallas-Fort Worth foreclosures. The number of homes facing foreclosure in the area next month is up almost 40 percent from a year ago.�


    �Mr. Roddy said the number of D-FW foreclosure postings is the second-highest on record. �Back in February, we were over 5,000,� he said. �But the percentage gain this year is unbelievable when you consider that last year was unbelievable.��

    �Almost 43,000 homes were posted for foreclosure here in 2007 � a record and up 10 percent from 2006. The number of home foreclosure postings has risen by 24 percent from the first five months of 2007.�

    �He said he doesn�t expect to see much change in home foreclosures over the next 18 to 24 months.�





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  • chanduv23
    03-24 02:58 PM
    I am not so sure....OP might have followed the law to the letter but what if one of his employers did not ? As UN is repeatedly pointing out (with his CSC I140 example), OP has to contact a good attorney before replying to the request lest his app will be in peril as the contracts will suggest that the position is temporary. Being naive and hoping for the best without considering all the options by OP in my view is fraught with risks. Anyways, good luck to him.

    Agreed - OP needs a good lawyer now.



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  • ssa
    07-13 10:59 PM
    I agree. It would be 100 times easier to re-file under EB2 and port your PD individually than to get USCIS/DOL to change their rules (howsoever they choose to interpret it). Just see what % of our previous campaigns were successful in the past in spite of all our efforts...

    On a related note, after reading this long thread I couldn't help but wish all other IV campaigns (admin fixes, fund raising, house bills) could arouse such passion and involvement from IV members. Now, I'm NOT saying any particular category (EB2 vs Eb3) volunteers more than the other - its just matter of individual initiative, period - but it seems somehow our collective psyche is at ease as long as we all are stuck in the rut as a whole. Efforts to get ALL of us out of this mess do not fire up this much passion..





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  • smisachu
    01-04 02:10 PM
    So you should not have any problem if India kills a few of your cockroaches, right? In fact India will be doing a favour to you, since you are undble to kill the roaches in your house, India will do it for you..This has been my point all along in this thread. India should conduct surgical strikes and "clean" regions of Pakistan where these terrorists eminate from. Pakistan should in fact open its borders and aid Indian troops in cleaning up its mess.
    India is not interested in occupying Pakistan nor is it interested in destroying it. Stop being paranoid, we only want the roaches killed.

    And for your parallel of 9/11, 3K Americans were killed by 19 "Middle eastern" Muslims- not South Asians. The problem of terrorism ranges from Egypt in the west to Pakistan in the east. It does not bring India into play and the whole world is aware of this. India has been a victim of terrorism for the last 60 years.


    "What apology?
    I am not responsible for the actions of those people. Imagine if after 9/11, an American asked you to apologize for the actions of the 19 'Brown men' (I am assuming here that you are a south asian male) who killed 3000 Americans, how silly do you think that situation would be. If cockroaches from my house take a dump in your kitchen, don't ask me to apologize for that.[/QUOTE]"





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  • xyzgc
    12-26 08:39 PM
    Attacking Pakistan is a stupid idea.The hardcore hawks in Pak wants this only.
    By war this side crores will die and that side crores will die. The Laskar e toiba will go to hiding in NWF and plan for next attack. India will be backward for 10 years and Pak will be backwards for 20 years.Do you want this ?

    Don't attack Pak. It will be a failed state on its own. By war between us , China is going to gain.So, the people who want war with Pak by sitting comfortably in US, please think once again. It is not like going to picnic. It is life and death man.

    America is failing in tackling terror in Iraq and Afganistan. Israel is failing in tackling the Hamas. Srilanka is failing with Tamil tigers.So tit for tat is not working. It will only aggrevate the problem.

    Unless the fools in Pak understand the importance of real education and tolerance , they will go to drain .Now the whole world knows Pak is the culprit.They even disown their own citizen who got captured in Bombay attack.Such is the pathetic condition of proud muslim country .Shame !

    My suggestion is ask US to attack Laskar e Toiba training facilities in Pak.[ Six americans and four isralies died in the Bombay attack. That is enough reason for America's attack.]
    If US attacks Pak , the stupid people in Pak can't do anything. That way , Indian innocent jawans and common people will be spared.

    Nobody is a war monger. Killing innocent Pakistanis is the worse crime. These are good people like us.
    We want to attack terrorist camps.

    Israel is a bad example. If Israeli don't counter-attack, they will cease to exist.
    One attack will not kill the enemy. You must do it multiple times.

    To think, US will take out LeT is a good idea but its not practical.
    Nobody's gonna come to wipe your ass. You gotta do it yourself.





    nk2006
    09-30 10:13 AM
    I was schocked to find out on Sep 22 that my I-485 has been denied. My wife is on AP and can't enter U.S now withot her H4.

    Sorry to know your troubles. I am curious about the reason for 485 rejection and how you are going about it (is it because of using AC21 and I140 revocation by previous employer?) - there is an effort to deal with I-485 rejections without NOID - there is a separate thread on that with conf call today. Please join the call and give your details. Thanks.





    thakurrajiv
    04-06 09:35 AM
    I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.

    The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).

    On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.

    Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).

    Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.

    You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))

    Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).

    Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.

    So you stand to lose:

    1. Your down payment of $120k
    2. Your cash at closing if you sell in 4 years: $55k
    3. Rental differential: 48 months X (3700 - 2000) = $81k

    Total potential loss: $250,000!!!

    This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.

    My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier t his decade.
    Jung.lee very good second post from you. People still think it is very easy to keep on holding onto your home for long time till turn around happens.
    But life events can cause you to sell like
    1. Job loss and not able to find job in the same area till back up money runs out.
    2. Kids grow up and you need to pay for college and you have little saving as you are holding to see turn around
    3. Hope not but some medical emergency.

    There can be many more situations. Do you know what people are currently doing in these situation ?
    Get money from Home equity ATM machine !!

    Personally I will be scared to buy now as my payment will be more than 50% of my salary and any of above situations will cause me to sell.
    The prices have to become saner ....
    This is very different from anything we have seen. Wall street will change, money will be harder to come by.
    I think time to say " Welcome savings again ". Long term very good for US as country.



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