Macaca
01-30 06:48 PM
The article Round 2: H-1B Battle: American engineers vs. President Bush (http://www.computerworld.com/blogs/node/4480)! has the following paras.
Lou Dobbs exposed a complete lack of enforcement of H-1B caps by the federal government for the last 2 years. According to the USCIS report, over 75,000 additional H-1B visas were issued above the cap during 2004 and 2005. He openly challenged Congressmen, Senators and the President to enforce our laws. He posed the questions:
1) Why was the report released on November 20th, 2006, immediately after the last election?
2) Why was his report not made available to the public?
3) Why aren�t guest worker Visa caps being enforced?
4) Why does neither Congress nor the executive branch fulfill their constitutional duties?
These good questions lead to the bigger question of who is responsible for enforcing these laws?
Lou Dobbs exposed a complete lack of enforcement of H-1B caps by the federal government for the last 2 years. According to the USCIS report, over 75,000 additional H-1B visas were issued above the cap during 2004 and 2005. He openly challenged Congressmen, Senators and the President to enforce our laws. He posed the questions:
1) Why was the report released on November 20th, 2006, immediately after the last election?
2) Why was his report not made available to the public?
3) Why aren�t guest worker Visa caps being enforced?
4) Why does neither Congress nor the executive branch fulfill their constitutional duties?
These good questions lead to the bigger question of who is responsible for enforcing these laws?
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xyzgc
01-04 01:46 PM
Since 9/11, Pakistani terrorism has become a global issue. Till then it was a local issue.
The Mumbai attacks were highlighted very well in the world media.
That is a big step forward.
War has economic repercussions in these times of recession and open India-Pak war is unlikely, we are all aware of that. But covert operations cannot be ruled out.
Educated Pakistanis like alisa are well-aware of this issue of terrorism. They may try to be a little defensive but that is quite natural I would think.
Alisa, I appreciate that you acknowledge this issue but I will not agree with you that let bygones be bygones because this terrorist encroachments have historical roots. In fact, the whole bloody thing is rooted in history since 1400-1600 A.D when the first islamic incursions began.
Let me stop here...this is my last post on this thread. It does not mean, however, that I'll stop expressing my views against Pakistani terrorism. Not ever.
The Mumbai attacks were highlighted very well in the world media.
That is a big step forward.
War has economic repercussions in these times of recession and open India-Pak war is unlikely, we are all aware of that. But covert operations cannot be ruled out.
Educated Pakistanis like alisa are well-aware of this issue of terrorism. They may try to be a little defensive but that is quite natural I would think.
Alisa, I appreciate that you acknowledge this issue but I will not agree with you that let bygones be bygones because this terrorist encroachments have historical roots. In fact, the whole bloody thing is rooted in history since 1400-1600 A.D when the first islamic incursions began.
Let me stop here...this is my last post on this thread. It does not mean, however, that I'll stop expressing my views against Pakistani terrorism. Not ever.
sledge_hammer
06-25 02:56 PM
If you have only been reading all the doomsday articles on the net about another nosedive in the realestate market, then I must suggest you to step out and smell the coffee. Other than in a few areas like Detroit and Miami, the home prices are close to stable and are not heading to fall another 10%. When people write articles they want to sensationalize thier reports. What's happening in Detriot will not be happening everywhere in the nation. Real estate markets are very local and cannot be generalized. So anyone that is thinking that there is going to be another HUGE drop in home prices are mistaken.
Yes, you are right, absolutely no one can time the market. That is why it is a great strategy not to speculate, but go by the fact that real estate prices are affordable now and interest rates are the lowest in recent history. Don't think that just because there was a bubble you'll now get good homes for anything more than 5% discount.
Remember that you probably have a job in the city you live in, and that you are continually employed, means that there are other people around you with jobs. They are ready to snap up homes even before you get to see it from the inside. I see homes that are in bad shape in my county (Fairfax, VA) sitting in the market for months. But the ones that are good goes under contract in less than a week.
Sledge,
Nobody is saying that the world is coming to and end in 2 years.IMHO myself and many others would agree that long term buying a house makes sense. The question is does buying now if you haven't already bought your primary residential home make any sense.
From the current data, Do you think a guy who buys a house in 2009 would come ahead of somebody who would buys in 2011 when the housing market may have fully bottomed out ? I know its impossible to time the market. But all indicators to name a few below point that home prices should continue to decline.
Unemployment is still on the way up. We will cross 10% anytime soon is a given.
Excess housing inventory
Home prices are still above the trend line. Historically its common for the correction to swing even below the trend line before it stabilizes.
Again IMHO, If you haven't bought a home yet, Save so that you can make a bigger down payment (Own more of the house when you buy one) and check the market again mid 2010.
Giving your example.
Lets say guy buys in 2009, and another guy buys in 2011 (Assuming home prices would have further gone down using existing data points).. Who do you think would come ahead in 2019.
Yes, you are right, absolutely no one can time the market. That is why it is a great strategy not to speculate, but go by the fact that real estate prices are affordable now and interest rates are the lowest in recent history. Don't think that just because there was a bubble you'll now get good homes for anything more than 5% discount.
Remember that you probably have a job in the city you live in, and that you are continually employed, means that there are other people around you with jobs. They are ready to snap up homes even before you get to see it from the inside. I see homes that are in bad shape in my county (Fairfax, VA) sitting in the market for months. But the ones that are good goes under contract in less than a week.
Sledge,
Nobody is saying that the world is coming to and end in 2 years.IMHO myself and many others would agree that long term buying a house makes sense. The question is does buying now if you haven't already bought your primary residential home make any sense.
From the current data, Do you think a guy who buys a house in 2009 would come ahead of somebody who would buys in 2011 when the housing market may have fully bottomed out ? I know its impossible to time the market. But all indicators to name a few below point that home prices should continue to decline.
Unemployment is still on the way up. We will cross 10% anytime soon is a given.
Excess housing inventory
Home prices are still above the trend line. Historically its common for the correction to swing even below the trend line before it stabilizes.
Again IMHO, If you haven't bought a home yet, Save so that you can make a bigger down payment (Own more of the house when you buy one) and check the market again mid 2010.
Giving your example.
Lets say guy buys in 2009, and another guy buys in 2011 (Assuming home prices would have further gone down using existing data points).. Who do you think would come ahead in 2019.
2011 Poems to Say I Care
NKR
08-05 08:37 AM
The said person should have been aware of what he or she was getting into. Blaming your hardship on other people and trying to get mileage out of it is hardly an honest way............would you agree?
Were you aware of each and every rule in the immigration law book before you applied for GC?. Did you foresee this delay before you got into this mess?.
Shouldn't you have been aware of this option of EB3 people converting to EB2 and accounted for that when you filed your GC?. Aren;t you blaming your hardship on EB3 people and getting mileage out of it?.
Were you aware of each and every rule in the immigration law book before you applied for GC?. Did you foresee this delay before you got into this mess?.
Shouldn't you have been aware of this option of EB3 people converting to EB2 and accounted for that when you filed your GC?. Aren;t you blaming your hardship on EB3 people and getting mileage out of it?.
more...
dixie
07-17 02:46 AM
This thread is very interesting to me. I've kind of lived though both sides, and it is really aweful for everyone but the abusive employer.
My understanding of Immigration Voice's agenda is that this group is really for people who have H1B visas and are in the country already to bring their spouses and children here with full rights to travel and work, make sure renewals of H1Bs happen so you can stay in the country, and, even better, to convert H1B visas to green cards.
My understanding is that the only reason that Immigration Voice supports increased H1B visa numbers is because people whose current visas are about to expire, and family members, are counted in these same numbers.
Please correct if I'm wrong. I really would like to get this right.
Anyway, if I do have it right, it seems to me that the AFL-CIO position (give people green cards instead of H1B visas) bridges the core concerns of members of Immigration Voice and the Programmers Guild. Whether or not everybody recognizes this is a different story, but it is good to know where the overlapping concern is, and hopefully in long term, get people talking about a solution that really does try to bridge the gap.
For the record, we are neutral on the issue of H1-B visa increases. We neither support nor oppose increasing H1-B visas. The last thing we want to see is even more gullible H1-B folks with GC mirages being added to our midst. However, it often happens that ANY reform to the EB program is clubbed together with H1-B increases .. thanks to corporate lobbying or whatever .. in such cases we obviously have to support the broad package of high skilled immigration reform.
We DO NOT deny the fact that H1-B has loopholes that make us vulnerable for exploitation .. that is one of our major reasons for pushing GC reforms. Our grouse with the likes of PG, lou dobbs etc is that they offer a one-sided criticism of the H1-B program full of half-truths, outright lies and insinuations about us "stealing" jobs. They highlight the exploitation part only to promote their agenda .. those occasional noises about giving GCs instead of H1-Bs is exactly that. Their real agenda is an end to all skilled immigration. Had they sincerely promoted balanced skilled immigration reform like tighter enforcement of H1-B provisions that protect US workers along with faster GC process for those meeting those tighter requirements, I would have gladly supported them.
My understanding of Immigration Voice's agenda is that this group is really for people who have H1B visas and are in the country already to bring their spouses and children here with full rights to travel and work, make sure renewals of H1Bs happen so you can stay in the country, and, even better, to convert H1B visas to green cards.
My understanding is that the only reason that Immigration Voice supports increased H1B visa numbers is because people whose current visas are about to expire, and family members, are counted in these same numbers.
Please correct if I'm wrong. I really would like to get this right.
Anyway, if I do have it right, it seems to me that the AFL-CIO position (give people green cards instead of H1B visas) bridges the core concerns of members of Immigration Voice and the Programmers Guild. Whether or not everybody recognizes this is a different story, but it is good to know where the overlapping concern is, and hopefully in long term, get people talking about a solution that really does try to bridge the gap.
For the record, we are neutral on the issue of H1-B visa increases. We neither support nor oppose increasing H1-B visas. The last thing we want to see is even more gullible H1-B folks with GC mirages being added to our midst. However, it often happens that ANY reform to the EB program is clubbed together with H1-B increases .. thanks to corporate lobbying or whatever .. in such cases we obviously have to support the broad package of high skilled immigration reform.
We DO NOT deny the fact that H1-B has loopholes that make us vulnerable for exploitation .. that is one of our major reasons for pushing GC reforms. Our grouse with the likes of PG, lou dobbs etc is that they offer a one-sided criticism of the H1-B program full of half-truths, outright lies and insinuations about us "stealing" jobs. They highlight the exploitation part only to promote their agenda .. those occasional noises about giving GCs instead of H1-Bs is exactly that. Their real agenda is an end to all skilled immigration. Had they sincerely promoted balanced skilled immigration reform like tighter enforcement of H1-B provisions that protect US workers along with faster GC process for those meeting those tighter requirements, I would have gladly supported them.
puddonhead
06-26 01:48 PM
If you spend the rest of your life renting, the risk is 100%�you end up with nothing. I will take my chances investing my money in buying a home because its certainly better than losing 100%.
If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
more...
akred
04-08 08:02 PM
IBM and Oracle will survive without H1B as they will hire US workers and set back will be temporary for them. So this bill is targeting the Indian bodyshoppers who are running company just by H1b persons. This was expected for long time. If it is not happening now it is going to happen in a few years. We knew that hundreds of US companies went out of business after 2000 as they were not able to compete with Indian consulting companies because of rate.
If this bill passes as it is, then the impact will be much greater than targetting bodyshoppers. To reiterate, problematic aspects of this bill are -
1. Requires a labor certification like process for all H1B applications regardless of whether application is for new employment, transfer to a new job or an extension of a previous job. This will lead to greater job insecurity for the H1B worker as there will be multiple chances provided to prove availability of US workers instead of the single step process today for the formal labor certification for a green card. This process would be similar to the bully who insists on multiple chances to provide the right answer, and the right answer is pre-determined.
2. Prohibition of consulting due to prohibition of outplacement.
3. No differntiation between the role H1B plays as a market access mechanism for foreign companies and as a bridge to the green card for domestic companies.
If this bill passes as it is, then the impact will be much greater than targetting bodyshoppers. To reiterate, problematic aspects of this bill are -
1. Requires a labor certification like process for all H1B applications regardless of whether application is for new employment, transfer to a new job or an extension of a previous job. This will lead to greater job insecurity for the H1B worker as there will be multiple chances provided to prove availability of US workers instead of the single step process today for the formal labor certification for a green card. This process would be similar to the bully who insists on multiple chances to provide the right answer, and the right answer is pre-determined.
2. Prohibition of consulting due to prohibition of outplacement.
3. No differntiation between the role H1B plays as a market access mechanism for foreign companies and as a bridge to the green card for domestic companies.
2010 friends Friendpoems about
hopefulgc
08-07 12:59 PM
All monkeys also interfiled and became lions
hilarious!
hilarious!
more...
qplearn
11-15 09:29 AM
There is no change in his strategy; but what is interesting is: he is now claiming that many of the new (freshmen) Democrats are in fact "Lou Dobb Democrats." :) Is he suggesting that they support his stand?
He is also claiming now that he never opposed legal immigration beyond the 1 million that enters every year. He must have forgotten about his daily telecast on H1Bs (in 2003-2004), whose number is well within the limits of 1 million. What was he screaming about then?
Lou Dobbs is losing it, I think, which can only be a good sign. But if CNN were to fire him, that will be the best thing to happen.
He is also claiming now that he never opposed legal immigration beyond the 1 million that enters every year. He must have forgotten about his daily telecast on H1Bs (in 2003-2004), whose number is well within the limits of 1 million. What was he screaming about then?
Lou Dobbs is losing it, I think, which can only be a good sign. But if CNN were to fire him, that will be the best thing to happen.
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brshankar
08-06 10:52 AM
Yes you are absolutely correct. He is only eligible in EB3 but I know of people who have applied in EB2.
more...
transpass
03-26 07:30 PM
I tried looking for the baltimore case but I don't have it on this computer. You might want to search for it on immigration.com.
That case had a lot more things in it.
1) person never worked at the location as specified by the greencard labor
2) person acknowledged he wasn't going to work there upon greencard approval
3) person was claiming ac21 within same employer for different location
Administrative appeals office; concurred that ac21 wasn't specific to geographic location and didn't have to be done with another company; it could be done within same company.
Then AAO went another way and picked on some other issues: Other issues they picked on was information on his g-325a and his work locations. They picked onthat he didn't have h-1b's approved for those particular locations or LCA's and he was out of status. he was good on the ac21 but was out of status prior to filing 485.
But in the Baltimore case, AAO was questioning that the beneficiary never resided in the state his H1 was petitioned for...But I wonder, shouldn't that be allowed as long as the place of work remains the same...I mean, let's say, if I work work in NY and live in NY, then as per AAO, it's fine. What if I work in NY (same location) and live in NJ, then it's not ok as per AAO? What if I can commute even longer distances dailiy, like living in Philly and commuting to DC, etc.? May be that's the reason why AAO directed the local office to give the petitioner a chance to provide any such evidence?
That case had a lot more things in it.
1) person never worked at the location as specified by the greencard labor
2) person acknowledged he wasn't going to work there upon greencard approval
3) person was claiming ac21 within same employer for different location
Administrative appeals office; concurred that ac21 wasn't specific to geographic location and didn't have to be done with another company; it could be done within same company.
Then AAO went another way and picked on some other issues: Other issues they picked on was information on his g-325a and his work locations. They picked onthat he didn't have h-1b's approved for those particular locations or LCA's and he was out of status. he was good on the ac21 but was out of status prior to filing 485.
But in the Baltimore case, AAO was questioning that the beneficiary never resided in the state his H1 was petitioned for...But I wonder, shouldn't that be allowed as long as the place of work remains the same...I mean, let's say, if I work work in NY and live in NY, then as per AAO, it's fine. What if I work in NY (same location) and live in NJ, then it's not ok as per AAO? What if I can commute even longer distances dailiy, like living in Philly and commuting to DC, etc.? May be that's the reason why AAO directed the local office to give the petitioner a chance to provide any such evidence?
hot blend friendship poems,
gc28262
07-13 10:45 AM
I commend the initiative. But I see a few issues with it:
You are complaining to DOS about USCIS and DOL. That will not work. Every agency has a specific role
You are complaining to the official who sets visa dates. He has no authority to give relief just because some applicant/s are asking for it. He has to follow the rule every month and his responsibility is only to set the dates based on the statistics received from USCIS. This official has a very specific and limited role.
Who has the authority to set the spillover mode ? (Vertical vs Horizonal)
I read in some immigration forum that USCIS/DOS has switched between these at will in the past.
You are complaining to DOS about USCIS and DOL. That will not work. Every agency has a specific role
You are complaining to the official who sets visa dates. He has no authority to give relief just because some applicant/s are asking for it. He has to follow the rule every month and his responsibility is only to set the dates based on the statistics received from USCIS. This official has a very specific and limited role.
Who has the authority to set the spillover mode ? (Vertical vs Horizonal)
I read in some immigration forum that USCIS/DOS has switched between these at will in the past.
more...
house friendship poems with
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.
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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gcdreamer05
03-24 08:06 AM
Hello,
I had similar calls two times from IO so far...first to ask for documents (which I sent last month) and second on past Saturday to ask if I could come to the office to give new fingerprints (as the old ones have expired).
It is nice to see USCIS becoming more proactive...all the best!
Pagal did they ask you too for client contract letters ?
I had similar calls two times from IO so far...first to ask for documents (which I sent last month) and second on past Saturday to ask if I could come to the office to give new fingerprints (as the old ones have expired).
It is nice to see USCIS becoming more proactive...all the best!
Pagal did they ask you too for client contract letters ?
more...
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sc3
07-14 12:57 PM
USCIS has not changed any law they have re-interpreted an existing law which was unclear and some folks have said that CIS interprets laws based on inputs from congress to understand the intent behind the law. If you complain to CIS that you have changed law they will send you a polite reply that we do not make any laws we just implement it.
* When was it unclear?
* Why did it take so long for USCIS to see that the law was unclear?
* What caused USCIS to realize that the law was unclear?
* What caused them to change their interpretation?
* How did USCIS use up all of EB2-I numbers in the very first quarter? (Very illegal thing to do)
Come on, dont be so picky. You know what I mean when I said USCIS changed the law. Dont argue on syntax.
* When was it unclear?
* Why did it take so long for USCIS to see that the law was unclear?
* What caused USCIS to realize that the law was unclear?
* What caused them to change their interpretation?
* How did USCIS use up all of EB2-I numbers in the very first quarter? (Very illegal thing to do)
Come on, dont be so picky. You know what I mean when I said USCIS changed the law. Dont argue on syntax.
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StuckInTheMuck
08-06 11:14 AM
Got past me too :)
more...
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senthil1
12-19 01:34 PM
It is possible that India may be loser for some extent in short time. But in case of war India will come out winner if India can win decesively similar to Bangladesh war. The parliment attack or Mumbai attack deserves some military action if India is able to destroy some of Terrorist camps. But by the time India preparing for attack the terrorists will move away from their camps and success rate depends on accuracy of timing and intelligence.
Actually for the past 20 years Terrorists(and Pakistan) lost battle as they acheived nothing by killing innocents. India became superior and biggest development in last 100 years.That is the main reason for changing tactis. Terrorists supported indirectly by Pak ISI or army tried commando attack. But still Terrorists lost battle as India somehow got some sympathy from USA and other Western Countries. I would tell Pak got frustrated as Terrorists got tired. That is the reason Pak army became reckless and indulging in Mumbai Like attacks. Everything including Kargil Pak got failure. As usual Pakistan media is patriotic to their country and they wrote one side analysis. But their media well aware that Geography of India will be huge advantage to India
Eventually India has to try to attack Pak with international force(Similar to 9/11) if there will be another major Terrorist attack. I sincerely hope and pray God no such attacks will happen in future.
good article..
but i always believed, if there is a war between these countries, India will be the loser as pakistan has nothing to lose right now..we will go 10-15 yrs behind compared to other developing countires..
The war between 2 countries is that the terrorists really want, so they get a bigger grip on pakistan and they can recruit more people into them showing this..
Europen countries doesnt have much of a problem if they want to attack pak..
They will bomb and just go..India will have to deal with a destabilised country and people after tht..may be for decades
Actually for the past 20 years Terrorists(and Pakistan) lost battle as they acheived nothing by killing innocents. India became superior and biggest development in last 100 years.That is the main reason for changing tactis. Terrorists supported indirectly by Pak ISI or army tried commando attack. But still Terrorists lost battle as India somehow got some sympathy from USA and other Western Countries. I would tell Pak got frustrated as Terrorists got tired. That is the reason Pak army became reckless and indulging in Mumbai Like attacks. Everything including Kargil Pak got failure. As usual Pakistan media is patriotic to their country and they wrote one side analysis. But their media well aware that Geography of India will be huge advantage to India
Eventually India has to try to attack Pak with international force(Similar to 9/11) if there will be another major Terrorist attack. I sincerely hope and pray God no such attacks will happen in future.
good article..
but i always believed, if there is a war between these countries, India will be the loser as pakistan has nothing to lose right now..we will go 10-15 yrs behind compared to other developing countires..
The war between 2 countries is that the terrorists really want, so they get a bigger grip on pakistan and they can recruit more people into them showing this..
Europen countries doesnt have much of a problem if they want to attack pak..
They will bomb and just go..India will have to deal with a destabilised country and people after tht..may be for decades
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gclabor07
08-05 11:48 AM
Folks,
Here are my thoughts on this based on my personal experience.
USCIS should allow porting of dates not just based on approved I-140, but also based on approved LC.
I applied in EB3 category back in 2003. My labor was stuck in BEC and my career wasn't progressing. So I decided to switch my employers and start the process all over again. Just before I left my previous LC was approved. I wish that process should have allowed me to port the PD of my first labor because PD is decided when you file LC and not when you file I-140. So right now I've EB2 with 2007 PD. I missed the July 07 bus as well.
Was this fair? perhaps not. Am I having heartburn, not really. I'm happy that I made the switch and moved to the new employer with a better career path.
Here are my thoughts on this based on my personal experience.
USCIS should allow porting of dates not just based on approved I-140, but also based on approved LC.
I applied in EB3 category back in 2003. My labor was stuck in BEC and my career wasn't progressing. So I decided to switch my employers and start the process all over again. Just before I left my previous LC was approved. I wish that process should have allowed me to port the PD of my first labor because PD is decided when you file LC and not when you file I-140. So right now I've EB2 with 2007 PD. I missed the July 07 bus as well.
Was this fair? perhaps not. Am I having heartburn, not really. I'm happy that I made the switch and moved to the new employer with a better career path.
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rsdang
08-29 11:52 AM
The Indian Chief proclaims, "So, you are the great Lone Ranger. In honor of the Harvest Festival, you will be executed in three days. But, before I kill you, I will grant you three requests
What is your first request?"
The Lone Ranger responds, "I'd like to speak to my horse."
The Chief nods and Silver is brought before the Lone Ranger, who whispers in Silver's ear and the horse gallops away. Later that evening, Silver returns with a beautiful blonde woman on his back.
As the Indian Chief watches, the blonde enters the Lone Ranger's tent and spends the night. !
The next morning the Indian Chief admits he's impressed. "You have a very fine and loyal horse but I will still kill you in two days. What is your second request?"
The Lone Ranger again asks to speak to his horse. Silver is brought to him, and he again whispers in the horse's ear. As before, Silver takes off across the plains and disappears over the horizon.
Later that evening, to the Chief's surprise, Silver again returns, this time with a brunette, even more attractive than the blonde. She enters the Lone Ranger's tent and spends the night.
The following morning the Indian Chief is again impressed. ! "You are indeed a man of many talents but I still kill you tomorrow. "What is your last request?"
The Lone Ranger responds, "I'd like to speak to my horse....alone."
The Chief is curious but he agrees and Silver is brought to the Lone Ranger's tent.
Once they're alone, the Lone Ranger grabs Silver by both ears, looks him square in the eye and says, ; "Listen very carefully you dumb ass horse. For the last time . . . BRING POSSEE".
What is your first request?"
The Lone Ranger responds, "I'd like to speak to my horse."
The Chief nods and Silver is brought before the Lone Ranger, who whispers in Silver's ear and the horse gallops away. Later that evening, Silver returns with a beautiful blonde woman on his back.
As the Indian Chief watches, the blonde enters the Lone Ranger's tent and spends the night. !
The next morning the Indian Chief admits he's impressed. "You have a very fine and loyal horse but I will still kill you in two days. What is your second request?"
The Lone Ranger again asks to speak to his horse. Silver is brought to him, and he again whispers in the horse's ear. As before, Silver takes off across the plains and disappears over the horizon.
Later that evening, to the Chief's surprise, Silver again returns, this time with a brunette, even more attractive than the blonde. She enters the Lone Ranger's tent and spends the night.
The following morning the Indian Chief is again impressed. ! "You are indeed a man of many talents but I still kill you tomorrow. "What is your last request?"
The Lone Ranger responds, "I'd like to speak to my horse....alone."
The Chief is curious but he agrees and Silver is brought to the Lone Ranger's tent.
Once they're alone, the Lone Ranger grabs Silver by both ears, looks him square in the eye and says, ; "Listen very carefully you dumb ass horse. For the last time . . . BRING POSSEE".
GCKaMaara
12-17 04:24 PM
LOL!
Nice to see some light moments here :)
Nice to see some light moments here :)
nojoke
01-01 12:23 PM
Do you think Indian strikes on Pakistan, or a war between India and Pakistan, is going to weaken these guys, or strengthen them?
What would be dumb now?
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
You are delusional. Your example is no way related to what is happening. I don't know if I should explain the difference. 'You can wake up a sleeping man, but you cannot wake up a man pretending sleeping'. I have a feeling that you are simply trolling here.
The attack on pakistan terrorist camps is not to defeat terrorist, but to send a message to pakistan government to get serious. Either take action on these terrorist or we will do it. (It is more like humilating pakistan that we can do this and world is on our side and you better do something about this problem). We ask Azad Masood now because, if we get one guy out of pakistan, all other terrorists would realize that they cannot have a safe haven in pakistan. At least they won't be preaching openly in the public to go and bomb India.
So stop trolling:D
What would be dumb now?
Suppose there are theives from Bihar that come and rob you in West Bengal.
You can either send your West Bengal police into Bihar, and turn it into a rivalry between two police departments. And a rivalry between two provinces.
Or you have the two police departments work together to reduce crime rate in the future.
You are delusional. Your example is no way related to what is happening. I don't know if I should explain the difference. 'You can wake up a sleeping man, but you cannot wake up a man pretending sleeping'. I have a feeling that you are simply trolling here.
The attack on pakistan terrorist camps is not to defeat terrorist, but to send a message to pakistan government to get serious. Either take action on these terrorist or we will do it. (It is more like humilating pakistan that we can do this and world is on our side and you better do something about this problem). We ask Azad Masood now because, if we get one guy out of pakistan, all other terrorists would realize that they cannot have a safe haven in pakistan. At least they won't be preaching openly in the public to go and bomb India.
So stop trolling:D
