little_willy
07-20 02:53 PM
The important thing is, not all BEC cases are alive today. Most people moved on to PERM. On the flip side, some newbies took advantage of substituted Labor, but I am guessing the count is not very high.
My employer applied for labor for 8 of us in our organization of 50 ppl. This is in the middle of 2003. I am the only one left at this point as the rest of them moved to different employers or got GC through their spouse. Also, I know for a fact that those labors were not substituted. This may have happened else where too. So, i guess the total I-485 applicants will be around 400K including dependants and won't be as high as being speculated every where.
My employer applied for labor for 8 of us in our organization of 50 ppl. This is in the middle of 2003. I am the only one left at this point as the rest of them moved to different employers or got GC through their spouse. Also, I know for a fact that those labors were not substituted. This may have happened else where too. So, i guess the total I-485 applicants will be around 400K including dependants and won't be as high as being speculated every where.
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fairboy
07-24 07:56 PM
Any advice? Anything at all?
But it did not help much. Basically, when you call PBEC if you come across the switch board operator, who usually sits in the forenoon sessions, you will not have any luck at all. She would ask you to send any queries/questions thru your attorney. I called both DOL and PBEC numbers several times. DOL people, while souding helpful, always said that they are helpless. As for PBEC, most times, I ran into this operator who gruffly told me to talk to my lawyer. I did talk to someone other than the switch board operator on a few occassions and they did give me some useful information. I then used that information to pester my attorney to take some action. I found it is generally best to call on Wednesdays/Thursdays during afternoon sessions. This is just my personal observation. In your case, there is nothing wrong in trying, is there? It is better to try and fail than not trying at all...
My LC application with a PD of Dec 2002 has been rotting at PBEC and finally ad for my case started appearing on AJE web site last week. My attorney has not received any thing at all. Mind you, in my case the recruitment efforts were completed long before it was forwarded to PBEC. It is precisely for this reason my application was 'unfit' for conversion to RIR. They now insist upon doing recruitment all over again. Neither my employer nor my attorney is ever involved in thid PBEC recruitment. The horror never ends...
Go ahead and call. You might get lucky and actually talk to the analyst. When you start your conversation do not start off with request for information. Say that you found a problem with your case in screenshot or something like that. Any thing that makes your conversation separate from the rest. Goodluck.
fb
But it did not help much. Basically, when you call PBEC if you come across the switch board operator, who usually sits in the forenoon sessions, you will not have any luck at all. She would ask you to send any queries/questions thru your attorney. I called both DOL and PBEC numbers several times. DOL people, while souding helpful, always said that they are helpless. As for PBEC, most times, I ran into this operator who gruffly told me to talk to my lawyer. I did talk to someone other than the switch board operator on a few occassions and they did give me some useful information. I then used that information to pester my attorney to take some action. I found it is generally best to call on Wednesdays/Thursdays during afternoon sessions. This is just my personal observation. In your case, there is nothing wrong in trying, is there? It is better to try and fail than not trying at all...
My LC application with a PD of Dec 2002 has been rotting at PBEC and finally ad for my case started appearing on AJE web site last week. My attorney has not received any thing at all. Mind you, in my case the recruitment efforts were completed long before it was forwarded to PBEC. It is precisely for this reason my application was 'unfit' for conversion to RIR. They now insist upon doing recruitment all over again. Neither my employer nor my attorney is ever involved in thid PBEC recruitment. The horror never ends...
Go ahead and call. You might get lucky and actually talk to the analyst. When you start your conversation do not start off with request for information. Say that you found a problem with your case in screenshot or something like that. Any thing that makes your conversation separate from the rest. Goodluck.
fb
dhesha
09-08 11:49 AM
I think, we should try to make a law that says to give the citizenship after 5 years from the day when I-1485 was filed (and not when it was approved). This will benefit majority of us who have waited forever after filing I-1485 and does not deserve to spend another 5 years if they wish to take Citizenship.
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grimreaper
12-08 09:36 PM
Anyone?
more...
waitingmygc
05-18 04:22 PM
Hi Chanduv23,
Thanks for the reply.
Can you let all of us know the follwoing:
1. What are the steps involved in to do everything right?
2. Is one of the step "ex employer informing USCIS about the job change has gone through this"?
3. If not then what are the disadvantages or if can't trust employer ?
Please let us know about all the steps involved to switch employer by invoking AC-21?
regards,
waitingmygc
Thanks for the reply.
Can you let all of us know the follwoing:
1. What are the steps involved in to do everything right?
2. Is one of the step "ex employer informing USCIS about the job change has gone through this"?
3. If not then what are the disadvantages or if can't trust employer ?
Please let us know about all the steps involved to switch employer by invoking AC-21?
regards,
waitingmygc
bsbawa10
09-10 04:03 PM
Completely Agree with you. Rather have some process than none.
I agree 100% too. Just feel so helpless.
I agree 100% too. Just feel so helpless.
more...
Greening
01-07 03:46 PM
Try FHA option with BOA. All they need is only proof of last two years employment.
And good credit score(not bad but at least good). Thats it. They will approve it without any problem.
I got my home after 1st year of H1B. At that time my perm status approved only.
Try FHA its very nice program.
Pros: Loan approval is very simple and you dont need to put any heavy downpayment
Cons: Once they give you loan you can not sell this within 3/5 years.
Just sharing my personal experience.
Cheers,
AJ
And good credit score(not bad but at least good). Thats it. They will approve it without any problem.
I got my home after 1st year of H1B. At that time my perm status approved only.
Try FHA its very nice program.
Pros: Loan approval is very simple and you dont need to put any heavy downpayment
Cons: Once they give you loan you can not sell this within 3/5 years.
Just sharing my personal experience.
Cheers,
AJ
2010 smiley piercing bar. Surface Piercing on the nape
alterego
02-20 04:15 AM
I am not entirely sure about the 1% number. I feel it may be somewhat higher than that.
If indeed the ratio is 1%, then things are very dire, since with the economy as it is, we probably will not see any expansion in EB immigration in the near term.
Additionally the L1-EB1 route as multinational manager is very much alive and well, and is arguably the preferred and probably only viable route for any Indian prospectively attempting to immigrate to the USA. The numbers of such applicants might be larger than we know. If anyone has any data on that and specifically about the change in those numbers ever since retrogression hit, please post it.
In all honesty, I know the guys applying anew need a little hope and encouragement, but with perhaps 300K people and rising ahead of you in the EB India queue and slim to none chance of EB expansion in the near term, what are the odds of getting through that line in the next decade?
If indeed the ratio is 1%, then things are very dire, since with the economy as it is, we probably will not see any expansion in EB immigration in the near term.
Additionally the L1-EB1 route as multinational manager is very much alive and well, and is arguably the preferred and probably only viable route for any Indian prospectively attempting to immigrate to the USA. The numbers of such applicants might be larger than we know. If anyone has any data on that and specifically about the change in those numbers ever since retrogression hit, please post it.
In all honesty, I know the guys applying anew need a little hope and encouragement, but with perhaps 300K people and rising ahead of you in the EB India queue and slim to none chance of EB expansion in the near term, what are the odds of getting through that line in the next decade?
more...
green_world
09-12 07:28 PM
First time contribution of $100...
Good work IV..
Order Details - Sep 12, 2007 19:50 GMT-04:00
Google Order #510095991304725
Good work IV..
Order Details - Sep 12, 2007 19:50 GMT-04:00
Google Order #510095991304725
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satyasrd
08-12 01:22 PM
We all know that these IT companies/ "body shops" will not bear the brunt of this.
It is always the employees who will get distressed. Large organizations will quietly offshore more jobs while smaller ones will charge this from the employee, legal or not.
I pity those who think this will create more jobs for Americans. They are truly ignorant of how the system works.
And like most of you already mentioned, it's funny how a small group (few thousand) of legal immigrants are targeted while millions of illegals (and the companies that hire them) are going untouched !
It is always the employees who will get distressed. Large organizations will quietly offshore more jobs while smaller ones will charge this from the employee, legal or not.
I pity those who think this will create more jobs for Americans. They are truly ignorant of how the system works.
And like most of you already mentioned, it's funny how a small group (few thousand) of legal immigrants are targeted while millions of illegals (and the companies that hire them) are going untouched !
more...
cjagtap
08-10 09:51 PM
any TSC receipts??????? mine was TSC -2 nd July..
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amits
07-18 10:20 PM
Good to see more and more people contributing.
Come on people, now we are in the same boat.
For many of us, GC journey is just started. All of us have seen how difficult it was to cross the first tide that shattered our lives for 15 full days - can we forget the 15 days of darkness (2nd-17th July)?... We've heard the agonizing stories of those who're on this boat for years now. With the backlogs and all, this journey is far from over from them too..
This journey will have many more painful and frustrating tides...
We have many adversaries who are united and resolved not to let us succeed.
IV rescued us this time, it helped us in overcoming the first tide.
Now we need to strengthen it for the future. Your small contributions made today will go long way.
Just imagine, if we are successful in making a change that allows using 200000 wasted visa numbers, then it can shorten the wait time by, probably, an year or two. And this is just one example. Legal immigration system requires many more improvements. It will not happen unless we've some representation and unity. IV provided that platform to us.
If we're not united and potent, then many bills are waiting to harm us. There are big-shot politicians, media people and groups who are doing whatever they can to harm us. We've witnessed and they've not stopped it. They are relentless..
We cannot be a sitting duck for them.
Lets contribute to strengthen IV - our group, our support and our united front in this tidy and turbulent GC journey.
GUYS, PLEASE CONTRIBUTE GENEROUSLY!!
Now, we have a VOICE - ie ImmigrationVoice ...
Strengthen it, so that those making decisions can hear our problems - LOUD and CLEAR.
FRIENDS, PLEASE CONTRIBUTE.... !!!
You guys are awesome.. !!
THANKS!!!
Come on people, now we are in the same boat.
For many of us, GC journey is just started. All of us have seen how difficult it was to cross the first tide that shattered our lives for 15 full days - can we forget the 15 days of darkness (2nd-17th July)?... We've heard the agonizing stories of those who're on this boat for years now. With the backlogs and all, this journey is far from over from them too..
This journey will have many more painful and frustrating tides...
We have many adversaries who are united and resolved not to let us succeed.
IV rescued us this time, it helped us in overcoming the first tide.
Now we need to strengthen it for the future. Your small contributions made today will go long way.
Just imagine, if we are successful in making a change that allows using 200000 wasted visa numbers, then it can shorten the wait time by, probably, an year or two. And this is just one example. Legal immigration system requires many more improvements. It will not happen unless we've some representation and unity. IV provided that platform to us.
If we're not united and potent, then many bills are waiting to harm us. There are big-shot politicians, media people and groups who are doing whatever they can to harm us. We've witnessed and they've not stopped it. They are relentless..
We cannot be a sitting duck for them.
Lets contribute to strengthen IV - our group, our support and our united front in this tidy and turbulent GC journey.
GUYS, PLEASE CONTRIBUTE GENEROUSLY!!
Now, we have a VOICE - ie ImmigrationVoice ...
Strengthen it, so that those making decisions can hear our problems - LOUD and CLEAR.
FRIENDS, PLEASE CONTRIBUTE.... !!!
You guys are awesome.. !!
THANKS!!!
more...
house Bomb Smiley Face Looking
needhelp!
09-12 11:32 AM
thanks IV
tattoo Smiley piercing
vdlrao
06-10 12:32 PM
As EB1 is Cureent, presume processing applications up date, EB3 is Unavailable, means no work to do for USCIS people as far as EB3 Adjudicate cases, leave EB4, EB5 categories aside which dont have many applications to process. Then the only category left for working with is EB2 and that also having ROW being current, the adjuticate applications left for processing with available visa numbers are EB2 India for time being. So this means for the next few months including this June 2008 there might be many approvals in EB2 India category, as because theres no considerable work in EB category for USCIS people except EB2 India Adjudication. So presumably all the available visa numbers will be processed effectively in the EB2 category for the fical year.
more...
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green_world
09-12 07:28 PM
First time contribution of $100...
Good work IV..
Order Details - Sep 12, 2007 19:50 GMT-04:00
Google Order #510095991304725
Good work IV..
Order Details - Sep 12, 2007 19:50 GMT-04:00
Google Order #510095991304725
dresses my smiley got ripped out! i so
Raju
08-05 09:47 AM
In continuation to my posting from the previous thread (http://immigrationvoice.org/forum/showthread.php?t=20598), I have made some changes to the draft letter based on the comments received from few members. Now I have two versions of the same letters, one for TSC petitioners and other for NSC petitioners. This letter addresses the delay in processing of I-140 petitions at TSC & NSC.
Here are guidelines to mail this letter (pick the letter that corresponds the service center where your I-140 is pending):
1. Please review the corrected draft letters and post any constructive comments on this thread to make it more effective. You can do so until 08/07/2008 (August 7th 2008)
2. Based on the comments and suggestions received, I'll post the final version of the letter to be mailed on this thread on 08/08/2008 (August 8th 2008)
3. Members can then copy/paste the letter onto a word document and then along with completed DHS Form 7001, mail the documents to USCIS Ombudsman's office early next week(08/11/2008 through 08/15/2008). Please note that this form needs to get your employers signature ( or whoever is the petitioner) as we are checking on an I-140 petition.
4. You can find DHS Form 7001 at http://www.dhs.gov/ximgtn/programs/editorial_0497.shtm
5. Please make sure, you provide complete and correct information on this form to be mailed to Ombudsman's office. All forms with incomplete and fake names will be ignored by the Ombudsman's office. So please provide the correct information to the Ombudsman's office for them to investigate this issue.
6. Once all the forms and letters reaches the USCIS Ombudsman's office they will need atleast 4 weeks to look into this problem and send you a response. They are obligated to send you a response, since you sent them a completed Form 7001 inquiring about your case.
7. Please post the responses you receive from Ombudsman's office on this thread. Based on the responses we receive, we can compile the responses and then take the next course of action with IV core's guidance.
Please feel free to post any questions or clarifications you need before mailing this letter.
Don't we need the consent of the petitioner (employer)? Please see the line item # 15.
Here are guidelines to mail this letter (pick the letter that corresponds the service center where your I-140 is pending):
1. Please review the corrected draft letters and post any constructive comments on this thread to make it more effective. You can do so until 08/07/2008 (August 7th 2008)
2. Based on the comments and suggestions received, I'll post the final version of the letter to be mailed on this thread on 08/08/2008 (August 8th 2008)
3. Members can then copy/paste the letter onto a word document and then along with completed DHS Form 7001, mail the documents to USCIS Ombudsman's office early next week(08/11/2008 through 08/15/2008). Please note that this form needs to get your employers signature ( or whoever is the petitioner) as we are checking on an I-140 petition.
4. You can find DHS Form 7001 at http://www.dhs.gov/ximgtn/programs/editorial_0497.shtm
5. Please make sure, you provide complete and correct information on this form to be mailed to Ombudsman's office. All forms with incomplete and fake names will be ignored by the Ombudsman's office. So please provide the correct information to the Ombudsman's office for them to investigate this issue.
6. Once all the forms and letters reaches the USCIS Ombudsman's office they will need atleast 4 weeks to look into this problem and send you a response. They are obligated to send you a response, since you sent them a completed Form 7001 inquiring about your case.
7. Please post the responses you receive from Ombudsman's office on this thread. Based on the responses we receive, we can compile the responses and then take the next course of action with IV core's guidance.
Please feel free to post any questions or clarifications you need before mailing this letter.
Don't we need the consent of the petitioner (employer)? Please see the line item # 15.
more...
makeup Smiley and web by Schytzo on
funny
09-11 04:40 PM
Thats the only thing hadn't happened so far......and now we have it...People are blaming IV now...I hope this is not true.
http://www..com/discussion-forums/i485-1/124475663/last-page/
http://www..com/discussion-forums/i485-1/124475663/last-page/
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tsnaresh
09-28 07:42 AM
Filed my first GC in 2001, didn't go well (3-year degree issue). Refiled in 2004 and waiting ....13 plus years since landed in US (1997).
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manugee
09-10 02:26 PM
Though small, I made my contribution ($100 via Google).
I can't make it to the rally this tuesday but just trying to do whatever I can to support the cause.
Good luck,
Manish Jain.
I can't make it to the rally this tuesday but just trying to do whatever I can to support the cause.
Good luck,
Manish Jain.
AllVNeedGcPc
04-01 08:03 PM
... a quick search shows that USCIS is playing April fools with us.
Texas Service Center Premium Processing Unit Sends Old I-140 Receipt and Approval Email Notices (Updated) (http://www.cilawgroup.com/news/2011/04/01/texas-service-center-premium-processing-unit-sends-old-i-140-receipt-and-approval-email-notices-updated/)
And
track itt .com/usa-discussion-forums/i485-eb/675411805/approved-i140-status-changed-to-initial-review
Texas Service Center Premium Processing Unit Sends Old I-140 Receipt and Approval Email Notices (Updated) (http://www.cilawgroup.com/news/2011/04/01/texas-service-center-premium-processing-unit-sends-old-i-140-receipt-and-approval-email-notices-updated/)
And
track itt .com/usa-discussion-forums/i485-eb/675411805/approved-i140-status-changed-to-initial-review
hiralal
05-29 12:05 AM
if your loan is denied while on EAD ..count yourself as lucky !!!
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
my advice ..be careful before you take a plunge when on EAD or on temporary visa (H1).
-----------------
MONDAY, MAY 25, 2009
OTHER VOICES
The Housing Hurricane Will Howl Again
By MIKE MORGAN | MORE ARTICLES BY AUTHOR
This is only a lull in the housing hurricane.
WE'RE OUT OF THE EYE OF THE HURRICANE, but here comes the back half of the storm. A lot of people think that we've seen the worst of the housing crisis. They're talking about green shoots and glimmers of hope, when they should be back in the storm shelter, preparing for a flood of inventory that will overwhelm the markets and produce another round of falling prices
For the past few months there has been a semi-moratorium on foreclosures. Most institutions with delinquent mortgages didn't foreclose. The signs that blanket many neighborhoods have been posted by a fraction of the lenders. Now the rest of the banks are rushing to get their properties on the market.
[ov]
Christoph Hitz for Barron's
We're still supporting misguided programs that only add to inventory woes. They encourage builders to put up more homes and penalize anyone else trying to sell a home.
As a Florida real-estate broker who works with bank asset managers to dispose of foreclosed properties, I get a good view of this market. From December 2008 through mid-March 2009, the number of asset managers calling to discuss REO (real estate owned) properties on their client banks' books dropped by more than 80% from the level at which it previously had been running. In the past two months, however, asset managers have been busy, with most interested in how many properties we could handle at once.
Law firms for banks are once again lining up to file foreclosures and to process evictions. The asset managers we work with have warned us to expect a flood of properties, beginning in early June. This will hit as the number of potential buyers continues to dwindle. Builders, traditional sellers and investors who entered too early are already loaded with REO properties.
ALL OF THE OBAMA administration's attempts to revive, resuscitate and shock the housing markets into recovery have failed. Potential buyers can't purchase homes when they are losing their jobs, regardless of how attractive the credits and mortgages are. The price of homes will continue to fall until the properties are affordable for potential buyers.
If an investor could purchase a home and rent it out for close to breakeven, we might be getting close to a bottom. But we are nowhere close to that level in most critical markets. Until it is approached, prices will continue to fall. In fact, the negative cash flow now evident, along with the flood of properties coming into the inventory pool, warn of lower prices.
There's no light at the end of the tunnel yet. We're still supporting builders through misguided programs that are only adding to the inventory woes. California decided to offer a $10,000 credit to buyers of new homes, on top of the $8,000 federal credit. But California made the $10,000 available only for new homes purchased directly from builders. That shows the power of the builders' lobby, but it only adds to California's housing-industry problem. It encourages builders to construct dwellings we don't need, and it penalizes anyone else trying to sell a home.
Housing inventory soon will flood a market in which more than 500,000 homes are being built each year, even though the annual sales pace for new homes is closer to 300,000. We must also deal with a system clogged with impossible short sales, a surge of second and vacation homes being dumped, and third-wave flippers realizing that they entered the market too soon.
FOR THE BANKS, the back half of the hurricane will destroy balance sheets, unless the Obama administration comes up with another plan to mythically mark these assets on the books. Or we might see some chimerical plan to write down mortgage payments, or move toxic mortgages into a dark pool, or create some new illusion that glosses over the problem.
Our experience with banks' selling REOs is they realize about 50%-75% of what they initially think they will get. Moreover, their expenses to bring these properties to market and manage them are growing. Court systems bogged down with foreclosures are raising fees so that they can hire additional staff. More and more homeowners being evicted are stripping homes to the bone, removing appliances, fixtures, carpet, cabinets, air handlers, motorized garage-door openers and anything else that they can carry off or sell.
Unemployment presents a two-pronged problem. If homeowners lose their jobs, they have difficulty meeting mortgage payments. And a high jobless rate forces more people to put their homes on the market.
During the housing bubble, many second homes were purchased with the mythical equity from primary residences. These second homes are coming onto the market at an alarming rate, as many middle- and upper-class sellers need to raise cash. In some very exclusive private communities in Florida, where home prices are in the seven figures, more than 50% of the homes are on the market. (For more on the vacation-home market, see Cover Story.)
Unfortunately, there are no signs of recovery, despite the hype and the twisting of numbers in many media reports. The end of the unofficial moratorium on foreclosures, combined with rising unemployment, signals that the back half of this housing hurricane is only just beginning.
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