Tuesday, July 5, 2011

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  • SunnySurya
    08-05 01:43 PM
    No body is saying that you have full rights to apply in EB2
    I am an EB3 2003. I think I did qualify for EB2, but the job position did not require me to be in that category, moreover EB2 & Eb3 were both current and various other factors were considered and they decided to apply in EB3.
    NOW: It was my bad that I got stuck in the stupid BEC. A fellow I know with lesser qualifications applied in EB3 in 2004, then changed jobs, applied in EB2 in 2004 and has a green card already.
    DO YOU MEAN TO SAY: THAT YOU ARE GOING TO DENY ME MY 2003 PD IF I APPLY IN EB2. FORGET THINKING ABOUT IT! Not that it is easy or I am doing it. As a matter of fact, I am not interested!.





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  • Macaca
    10-02 11:02 AM
    As China Opens, U.S. Lobbyists Get Ready to Move In (http://www.washingtonpost.com/wp-dyn/content/article/2007/10/01/AR2007100101672.html?hpid=sec-business) By Ariana Eunjung Cha | Washington Post Foreign Service, October 2, 2007

    BEIJING -- It's almost 8 a.m., and former U.S. commerce secretary Donald L. Evans and his team are standing in front of the St. Regis Hotel, preparing for their day of meetings with Chinese finance officials.

    Small but meaningful gifts in Tiffany's signature baby-blue boxes? Check. Briefing books with the pronunciation of everyone's names? Check. Black Audi A6s to whisk the group to the meetings? Check.

    Evans was in town representing the Financial Services Forum, which is made up of chief executives of 20 multinational banks. His goal was to convince Chinese regulators that opening their financial sector to more foreign investment would be good for China's economy.

    Armies of lobbyists are descending on the Chinese capital in anticipation of the 17th Communist Party Congress beginning in mid-October. The gathering will choose a new generation of leaders, setting the political agenda for the next five years.

    But the dark-suited Western lobbyists are an odd spectacle given that in China, policy and legislative decisions are still made behind closed doors. Lobbying exists in a gray area; because there are no laws specifically pertaining to it, it isn't even supposed to exist.

    Nevertheless, some of Washington's marquee lobbying firms -- including Jones Day, Hogan & Hartson, DLA Piper and Akin Gump Strauss Hauer & Feld -- have set up offices in China. Officially, they are just investment advisory and communications firms. Chinese companies mostly work through government-affiliated industry associations, although some have also hired Western-style lobbying firms.

    In June, foreign companies successfully lobbied Chinese officials to remove conditions on hiring temporary workers in a new labor law that they said would make it prohibitively expensive to do business in China. Likewise in August, they were able persuade China to remove some language in early drafts of the anti-monopoly law that seemed to discriminate against foreign companies, according to Chinese and foreign academics.

    The Chinese government has said it took input from domestic and foreign interests into account but has not been specific.

    Foreign companies are interested in what happens in China, as its economy is becoming the world's third-largest as well as a capitalist instead of planned one. There's concern that the legal framework for business that China's legislators are writing today could affect the fate of multinational businesses for decades.

    Evans said that the degree to which Chinese officials are interested in hearing foreign perspectives on business issues has increased dramatically. In the past, he said, he would go into government meetings and recite a set of bullet points, and the meeting would end. These days, he said, there's real discussion and debate.

    "They are very proactive in wanting to engage and share with the business community," Evans said.

    Scott Kennedy, director of the Research Center for Chinese Politics and Business at Indiana University and author of "The Business of Lobbying in China," said that as recently as a few years ago foreign companies would grumble that they heard about new policies only after they were announced.

    "That is increasingly no longer the case. Today, even if they don't agree with the final result, they know it's on the horizon," Kennedy said.

    But China's laws have been slow to respond to the influx of lobbyists seeking to take advantage of the closer ties. Zhao Kejin, an associate professor at Shanghai's Fudan University who studies government-business relations and has written a book on lobbying in China, argues that because lobbyists do not need to register or file disclosure forms, the system is vulnerable to abuse.

    "There is lots of lobbying money flowing to individual officials' pockets," Zhao said. In addition to straight-up bribery, some lobbying firms keep friends of high-placed officials on the payroll or pay for officials to take luxury "training" trips abroad.

    In 2004, Lucent Technologies fired four executives who were part of its Chinese operations for violating the U.S. Foreign Corrupt Practices Act, which prohibits bribing foreign government officials and politicians. Last November, a U.S. software maker, Fidelity National Information Services, was accused of paying for luxury vacations for Chinese banking officials and their families in places such as Rome and Las Vegas. Fidelity has denied the charges.

    Lobbying is not only less of an institution in China than it is in the United States, but the people being lobbied are different.

    For instance, Murray King, head of the Shanghai office of APCO Worldwide, one of the oldest government relations firms operating in China, said that Chinese academics are among the key players that companies should reach out to. The most important members of that group are those who work with the think tanks affiliated with various state ministries, because they play an important role in the drafting of legislation.

    Another crucial part of high-profile lobbying efforts are "guanxi brokers," well-connected individuals who can give introductions to important officials, or "rainmakers," people who are so famous that many Chinese officials might be happy to meet and shake hands.

    "Because China is a country that respects authority, former politicians of the United States, when they come to China, can always play a very important role," said Steven Dong, a Tsinghua University public relations professor who studies the reputations of corporations.

    A former U.S. official will almost always be greeted by a Chinese official of the same rank, Dong said.

    Former officials with star power in China include Henry Kissinger, probably the most sought-after because of the role he played in establishing diplomatic relations with the Communist Party during the Nixon administration. Former Federal Communications Commission chairman Reed Hundt, who routinely visits China on behalf of Silicon Valley companies to talk about opening up China's Internet and telecommunications sector, is also a regular in the halls of Chinese ministries. Gary Locke, a former governor of Washington whose consulting firm represents Microsoft and Starbucks, is celebrated for being the first Chinese American governor and is so well known that school girls run up to him to take his picture.

    Evans, who was commerce secretary from 2001 to 2004, has been working for the Financial Services Forum since 2005. This was his second trip to China on behalf of the group.

    Evans was received by the Chinese government this month with all the pomp and circumstance of a state visit.

    His schedule, which included all key financial ministries and regulators, was almost identical to that of Treasury Secretary Henry M. Paulson Jr. during his visit in July. Evans even had a private diner with Vice Premier Wu Yi.

    There was lobbying on both sides.

    Jiang Jianqing, chairman of the state-owned Industrial and Commercial Bank of China, a rank similar to that of minister, pummeled Evans with questions about the subprime lending crisis and trade protectionism in Congress. ICBC has recently been ranked the second- or third-largest bank in the world by market capitalization.

    Evans said the Chinese must make sure that U.S. legislators understand they are open to foreign investment. He said it's important for the Chinese to make sure the U.S. government understands "your view as an important trader, to make sure they understand your commitment to moving your economy toward an ultimate market economy."

    The total foreign ownership in a Chinese bank cannot exceed 25 percent. But even as Evans began to lay out his case for why China should raise or do away with foreign ownership caps for banking, securities and insurance firms, Jiang took the opportunity to point out his frustration that his bank's application to open a single branch in the United States has not been approved, while U.S. banks, including some that Evans represents, already have significant operations in China.

    Evans said he'd be happy to look into the holdup.

    Near the end of the one-hour meeting, the two turned to a less-tense topic: the development of China's countryside. Evans talked about his visits to western China, where he met two blind brothers with whom he has kept in touch, and how much their lives had changed over the years. Jiang said he, too, was concerned about bridging the gap between the rich and the poor in China.

    The two men smiled and shook hands. That was considered progress.





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  • Administrator2
    01-08 03:25 PM
    Refugee_New,

    Please check your private messages. We do not encourage abusive language on this forum. We very much appreciate your participation in this very important effort but no one wants to see you use abusive language at all times, including when discussing controvertial topics.

    Thanks,

    Administrator2





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  • nojoke
    06-26 08:27 PM
    Thanks for the data. There is one more twist to the story though. The "median home" of 1940 is NOT the same as the median home of 2000. The home sizes have more than doubled in this period (dont have an official source right now - but look at Google Answers: Historic home sizes (http://answers.google.com/answers/threadview?id=110928) . A little digging should give us an official source if you want.).... So, if the median home prices have doubled post adjustment for inflaton - that really means that the prices have stayed flat adjusted for inflation.

    Statistics is a bitch :-D

    Home sizes have lesser impact on the median price now. It is unaffordability that is pushing the prices down. The median is getting back to what the income in the area can support. The builders can build mansions, but someone has to buy...One way the builders survive these days is by bulding smaller homes that people can buy..



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  • rsdang
    08-12 11:24 AM
    HOTEL KERALA-FONIA

    On the road to Trivandrum
    Coconut oil in my hair
    Warm smell of avial
    Rising up through the air
    Up ahead in the distance
    I saw a bright pink tube-light
    My tummy rumbled, I felt weak and thin
    I had to stop for a bite
    There he stood in the doorway
    Flicked his mundu in style
    And I was thinking to myself
    I don't like the look of his sinister smile
    Then he lit up a petromax
    Muttering "No power today"
    More Mallus down the corridor
    I thought I heard them say <<

    Welcome to the Hotel Kerala-fonia
    Such a lousy place,
    Such a lousy place (background)
    Such a sad disgrace,
    Plenty of bugs at the Hotel Kerala-fonia
    Any time of year
    Any time of year (background)
    It's infested here
    It's infested here
    His finger's stuck up his nostril
    He's got a big, thick mustache
    He makes an ugly, ugly noise
    But that's just his laugh
    Buxom girls clad in pavada
    Eating banana chips
    Some roll their eyes, and
    Some roll their hips
    I said to the manager
    My room's full of mice
    He said,

    Don't worry, saar,I sending you
    meen karri, brandy and ice
    And still those voices were crying from far away
    Wake you up in the middle of the night
    Just to hear them pray

    Save us from the Hotel Kerala-fonia
    Such a lousy place,
    Such a lousy place (background)
    Such a sad disgrace
    Trying to live at the Hotel Kerala-fonia
    It is no surprise
    It is no surprise (background)
    That it swarms with flies

    The blind man was pouring
    Stale sambar on rice
    And he said
    We are all just actors here
    In Silk Smitha-disguise
    And in the dining chamber
    We gathered for the feast
    We stab it with our steely knives
    But we just can't cut that beef
    Last thing I remember
    I was writhing on the floor
    That cockroach in my appam-stew was the culprit,
    I am sure
    Relax, said the watchman
    This enema will make you well
    And his friends laughed as they held me down
    God's Own Country? Oh, Hell!





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  • desi485
    08-06 01:36 AM
    We should stop these EB3'ers from wasting USCIS resources. Probably make them wear yellow stars with "EB3" printed on it at all times. They should not be hired by any company unless they have hired EB2's with excellent credentials like rolling flood. No EB3 should buy a car, house or lead a normal life at the cost of hurting EB2's like yourself.

    What kind of a sick immigration nazi are you ? Typical shallow minded mentality - "please please...(beg, beg) let me in but - stop everyone else from getting in (as soon as I am in)" ;-)

    Instead of wasting your time filing a lawsuit why don't you apply your "excellent knowledge in your field" to get a Ph.D from your reputed alma mater do extraordinary research in your "great" field and then cut in line by applying for EB1 which I think will always be current. Then you can port your EB2 PD and enjoy the fruits of PD porting ;-)


    cinqsit

    well said brother. I am EB2, but I am ready to wear red black stars to protest the ppl like Rolling Blood (flood).



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  • pappu
    07-14 09:35 AM
    [Eb-3-I is also participating in calling and contributing..]

    [For people suggesting that the letter is weak..could you give an idea as the what written in letter would work..]
    [This statement is not entirely true...Lawyers have DOL/USICS contacts] and acts in a way that the application will get approved ...most times looking at the trend and talking to DOL contacts and adjudicators...]


    Some answers to your questions:
    - Due to visa wastage and pressure from several corners, DOS is trying its best to avoid any wastage this year. We should feel happy that this is happening. Now EB2 is getting benefit because, they are getting spillover from EB1 and EB2ROW. The last bulletin clarified it as there was confusion on how this allocation happens. If EB3 has to benefit from it, then EB2 needs to get current to get the spillover. I do not see that happening for a long time for EB3 India as a lot of people must be in the queue for EB2India. Thus this may not be the best approach for EB3 India.

    If you write a letter asking for dates to move for EB3, that will not work. If you write a letter saying you are waiting for long and you should get greencards, my guess is the response will be that there are so few visas and so many applicants. Refer to the recent sub-committee hearing on visa wastage and backlogs and you will get answers.

    - Lawyers cannot influence any decision through their contacts as they may have claimed to you/you got that impression (If at all they have any and if they say, then they must be reported because they cannot do it. In my opinion they cannot 'use contacts' to get decisions in their favor). If you have that impression that it is incorrect and illegal. If any lawyer has told you that, then he must be reported.

    If any lawyer has told that DOL had asked labor to be filed in EB3 instead of EB2, then I have not seen any such communication from DOL. Ask your lawyer to produce that for you or ask him to give this to you in writing. I do not recollect that kind of news. Laws were not changed even if there was recession in 2001-2003. If you think the lawyer has misled you, you must take action against your lawyer. But I do not believe DOL asked people to file in EB3 instead of EB2. If that was the case then we need a proof and IV should look into that.

    - IV had anticipated the difficulty in getting legislation this year. Thus we had started the admin fix campaign early this year and had been pushing for it real hard. However we could only get 4K letters from a 30K membership. A lot of them were anonymous. We are still deadlocked on the 3 Lofgren bills. Only 179 people made the calls from IV in the last 1.5 months.

    So the solution is there but we need to get massive participation first. People can certainly write to the administration as in the admin fix campaign, but the question is can be have massive participation.
    We all really need to brainstorm and come up with an idea that will ensure massive participation and present compelling reasons for administration or lawmakers to act. If you think letter is the best option then get the active members involved in reviewing and revising the draft before you start a campaign. Make a really strong case. IV will welcome anyone leading an effort and working on it aggressively.





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  • pitha
    04-08 05:43 PM
    Bill Preskal (I am not sure about the spelling of his name) is going to introduce a semilar bill in the house within the next few weeks. Seems like there is a well oiled machine which is stream rolling this.



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  • paskal
    07-15 03:07 AM
    Thanks. I will look into it further when I get a chance. the number of GC granted in a year is complicated- and for the moment I speak offhand so correct me if needed. Till 2005, the recapture clouded the numbers. After that EB3 benefited from a Schedule A recapture that went almost entirely to EB3, a lot to EB3 Philipenes and a good chunk to EB3 India.

    AFAIK last year though, once that was ll over and vertical spillover was implemented, EB2/EB3 Inid should both have got only the strict country quota mandated GC numbers.

    Anway- offhand as I said...gotto rum.


    sc3,

    here are the allotments as posted elsewhere.

    2003 2004 2005 2006 2007 (EB India allocations)
    ------------------------------------
    EB1 1,266 2,998 6,336 3,156 2,855

    EB2 8,536 16,262 16,687 3,720 6,203

    EB3 10,647 19,889 23,250 3,006 17,795


    Continuing on what i said- till 2005 there was recapture. 2006 reflects what would happen with a vertical spillover for both EB2 and 3 India- about 3,000 GC a year. In 2007, both (esp EB3I) struck pay dirt because everyone became current in July. Under a situation where all categories are current, Gc are distributed exclusively by RD and country quota is thrown out of the window. That is why so many GC were given to EB3 I last year- it makes sense because this is the largest waiting group.
    However July 07 is not coming back. If vertical spillover continues, 2006 will become the reality. In that situation the waits for both EB2 and EB3 India will be simply indefinite. Unfortunately for EB3 I, they are indefinite either way- UNLESS we get more GC numbers.





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  • micofrost
    01-11 02:13 AM
    Muslim World and Non-Muslim World.

    Allothers saying abt secularism is just BS. I seriously doubt if the secular credentials will ever come from the heart.

    All the muslims are now united. And the ignorant ones are brain washed to become Jihadis.

    Problem is going to be more acute in the next 15-20 yrs. All these so called idiots( Jihadis, my balls), getting killed are leaving behind tonnes of kids. They will become even more fanatic and will go on rampage once they reach their teen age or youth state. How do we stop this cancerous issue is a trillion dollar question. The extent of hatred among these misguided youths have reached such a state, like a mad dog. Only treatment is to wipre them out.
    Unfortunately like cancer, there is no cure to this problem either.

    Countries like Israel, will kill a few muslims, all these false secular credential holding country will raise a hue and cry, and the war will stop. Will they succeed in even stopping the further malignant growth of this evil culture ?

    I honestly think not possible. These homo mullahs, are hiding in the schools thinking its safe to attack the enemy from a UN school compund. And our IV friend, ID" RefugeeNew" is saying Isrel killed innocent kids.

    Wht the f*** these Hamas guys dont openly fight with Israel. A terrorist organisation, by intimidating the people, was able to form a govt. NEither the govt nor the people who elected them as ovt, has no place in this free loving society or world.

    I would like to ask Mr "RefugeeNew", about any comments on talibanisation of Afganistan. Can he explain abt the "Sharia Law".

    You want to hear my views. Or even the world's opinion on this. "You idiot b****rd".



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  • nogc_noproblem
    08-26 11:09 PM
    Three mischievous old Grandmas were sitting on a bench outside a nursing home...

    ... when an old Grandpa walked by. And one of the old Grandmas yelled out saying, "We bet we can tell exactly how old you are." The old man said, "There is no way you can guess it, you old fools."

    One of the old Grandmas said, "Sure we can! Just drop your pants and under shorts and we can tell your exact age."

    Embarrassed just a little, but anxious to prove they couldn't do it, he dropped his drawers.

    The Grandmas asked him to first turn around a couple of times and to jump up and down several times.

    Then they all piped up and said, "You're 87 years old!"

    Standing with his pants down around his ankles, the old gent asked, "How in the world did you guess?"

    Slapping their knees and grinning from ear to ear, the three old ladies happily yelled in unison - - "We were at your birthday party yesterday!"





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  • alisa
    12-26 11:45 PM
    Well, remove the threat by telling Clearly and unmistakably that use of nuclear weapon by Pakistan would invite catastrophic counter attack.
    Don't you think Pakistan already knows that?


    Otherwise what happens...Pak would keep taunting that " Hey, remember we have nukes...wanna pick a fight with us?" and keep doing what they are doing.

    Do you mean to say that the state and the government of Pakistan did this?



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  • rimzhim
    04-09 11:46 AM
    If you are that smart, how come you are not applying for EB1. I thought researchers would qualify for EB1. Why are you facing difficulty? Could it be that you are not really that good? Because the system does have an HOV lane for scientists to cruise to greencard. Its called EB1. And its current for most categories. What about that?

    Why dont you join the fast lane of EB1 and leave the bachelor's degree losers behind who didnt thru the whole 9 yards?
    Yes, I am exploring that option.





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  • anjans
    07-14 03:38 PM
    Missed point: The job needs to need that progressive experience and should call out to say that your job needs BS+5yrs. if it did the lawyers should not file EB3



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  • pmpforgc
    06-08 10:39 PM
    Are you new to Atlanta area?

    Hi

    I am in atlanta area for above a year. Moved from SC. Any suggestions or comments on my earlier post?

    Thanks





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  • leoindiano
    03-25 11:31 AM
    Winner, You truly are with this comment....

    On a lighter note, UN and Sledge, we charge you $ for post from now on in this thread...Running out of diskspace.....



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  • rockstart
    07-14 02:07 PM
    See if things spill horizontally or vertically Eb3(I) is still last in the chain. So many people have demonstrated it. All these days Eb3 (ROW) was gaining from spill over. Now CIS feels that Eb2 takes preference over Eb3 ( which for practical purpose is ROW and not India/ China) so that is why Eb2 is moving forward, else like eb3 eb2 India was also struck. What you are asking is complete re-working of spill over rules. That is not what CIS can do on its own. The rule was always clear Eb1 spill goes to Eb2 and then to Eb2 if some one needs to complain it should be Eb2 who did not get these numbers much earlier.

    * 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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  • abracadabra102
    01-06 05:36 PM
    If we take out the religion from equation, Israelis and Palestines are one people. They belong to same genetic pool and lived together for hundreds of years. In fact it was an Arab Calipha who allowed jews back into israel/palestine area after jews were ejected from this area by Romans. It is a pity they ended up like Indians and Pakistanis (same genetic pool again). Having said that, it is Arab countries that screwed Palestine people after 1948 war with Israel. Israel was willing for a compromise and creation of Palestine.

    Taken from wikipedia:

    "Following the 1948 Arab-Israeli War, the 1949 Armistice Agreements between Israel and neighboring Arab states eliminated Palestine as a distinct territory. With the establishment of Israel, the remaining lands were divided amongst Egypt, Syria and Jordan. The Arab governments at this point refused to set up a State of Palestine."

    complete article with several cross references here (http://en.wikipedia.org/wiki/Palestine).

    Israel is doing what is required of a nation when attacked. It is sad that innocent children are dying. But I do not see any better options left open for Israel. Offcourse they could have done what India does - whine for a few months, complain to every Tom, Dick and Harry and then shut up. But not every one is spineless.





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  • unseenguy
    06-23 05:30 PM
    I am shocked to see the HOA cost in CA, Why is HOA so high there, Obviously CA does not get snow like East coast for 4-6 months, so snow mowing and salt sprinkling(which is expensive) is ruled out.
    Just to mow lawn, gardening and keeping tab on overall resident development you pay $400/month..Thats ridiculously high...BTW,I am not from CA, excuse my ignorance.

    There is more emphasis on landscaping and higher labor rates and other community amenities and staff. However, I think, 400 is a bit expensive HOA. 250-300 is more like it in CA. If you are paying 400 per month for HOA, you might want to consider a 650K house with no HOA, pays better deal in the long run. I personally despise houses with high HOA fees. The HOA tends to be the government of your community and not only you pay more, your rights as homeowners get diminished.

    Also the condos in cupertino & townhomes are like 3 storied, you spend a lot of life on staircase instead of enjoying the comfort. Its good if you are young but do not work out a lot :) but not really a very good living style in my opinion.





    Madhuri
    04-05 08:12 PM
    Jang.Lee,
    I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
    Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.

    Please check your PM.

    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 this decade.





    sk2006
    06-05 03:09 PM
    Renters will never understand why owning a home is better than renting as thus they will continue to make arguments to continue doing so. And I'm sure that giving 1 example or 100 examples will not change your mind in the slightest. Which is why you will always be paying owners like me for a roof to live under.


    All your logic works in healthy (Not Bubble) housing market when rents are comparable to mortgage.

    In bubble times rents were much lower. Infact in my area for a comparable unit mortgage(30year fixed) was about 4 times the rent. So how would that pay somebody's mortgage?
    (Dont tell me owning on ARMs with teaser rates)

    Rent would not even cover the monthly payment, forget property tax(appx 2%) and maintenance.

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