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Retrogression, priority dates and Visa bulletins Issues surrounding the retrogression of the priority dates for the various employment based categories

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  #241 (permalink)  
Old 04-21-2008, 05:33 PM
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Default People are walking away from their homes

When people are walking away from their homes, some here are suggesting it is the best time to buy

http://www.reuters.com/article/reute...19195020080418
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Increasing numbers of Americans are simply walking away from their houses and mortgages, increasing pressure on banks and the economy.

Rapid house price falls in many parts of the United States will soon leave as many as one in five borrowers owing more on their loan than the house will fetch, removing at a stroke the single most powerful incentive to keep up with payments.

The phenomenon of "walk aways" or "jingle mail," so called because of the noise the house keys make in the envelope mailed to the bank, is hard to measure but shows every sign of gathering pace and having a substantial impact.
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  #242 (permalink)  
Old 04-22-2008, 04:48 PM
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this is what I had meant when I said that (for some people only) moving in to a very big house leads to lower standard on living. I repeat - this is only if you buy a big house beyond your means. this is from fortune
---
Stay-at-home mom, 40, Apopka, Fla.
We bought a home in Orlando, Fla., in February 2005, the height of the boom here. At the time, we could afford the home, the taxes and the insurance. It would be tight but we kept planning on "the bonus" or "the raise."

We got all caught up in the " footage" of the home. Well, what we didn't realize was that with our BIG HOUSE comes BIG EVERYTHING! Big taxes, big insurance, big water bills, big electric bills. The anxiety at the end of the month caused health problems for both my husband, Victor, and I.

Last summer, we realized that we could not live like this any longer. We could not afford our home, we were prisoners of our mortgage. We couldn't enjoy life outside the house. We were literally trapped.

We decided to "downsize" our life, our lifestyle and our home. It was a lot of soul searching but we both realized that it's not all about " footage" or bedrooms or full baths. It's about being able to afford a mortgage (and all the add-ons) and still have money at the end of the month.

Now, our timing could not be worse of course, for putting the big house on the market. We built a much smaller house, ranch style and I love it! My first electric bill was a third of what it used to be. Yes, we still have the big house, but we were able to rent it out and cover expenses.

We are not making a dime on the rental, and when the market comes back, we will put it back up to sell. We wiped out Victor's 401(k) to pay off debt and put a down payment on the new house. We have established a savings account and there is actually money left over at the end of the month....whew!
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  #243 (permalink)  
Old 04-22-2008, 04:52 PM
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this is from schiller ..an economist ..I am sure he knows more about housing than others ..I guess this is a worse case scenario (if not the worst).

http://biz.yahoo.com/ap/080422/econo...ller.html?.v=2
----
Economist cautions housing slump could exceed drop of the Great Depression, require bailouts

NEW HAVEN, Conn. (AP) -- An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression and bailouts will be needed so millions don't lose their homes.

Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor's/Case-Shiller home price index, said there's a good chance housing prices will fall further than the 30 percent drop in the historic depression of the 1930s. Home prices nationwide already have dropped 15 percent since their peak in 2006, he said.

"I think there is a scenario that they could be down substantially more," Shiller said during a speech at the New Haven Lawn Club.

Shiller's Standard & Poor's/Case-Shiller home price index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month.

Shiller, who admitted he has a reputation for being bearish, said real estate cycles typically take years to correct.

Home prices rose about 85 percent from 1997 to 2006 adjusted for inflation, the biggest national housing boom in U.S. history, Shiller said.

"Basically we're in uncharted territory," Shiller said. "It seems we have developed a speculative culture about housing that never existed on a national basis before."

Many people became convinced that housing prices would increase 10 percent annually, a notion Shiller called crazy.
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  #244 (permalink)  
Old 04-25-2008, 03:45 PM
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Quote:
Originally Posted by h1techSlave View Post
I also thought that pitching in the home buying by GC folks would make a great argument in front of law makers. But there was a very sensible posting by our spokes person Mark B.

He said, he would not put home buying by GC folks as a main selling point for our cause. May be he will say this point as a half joke-half serious manner while discussing our core selling point. The core selling point being that the US is losing talent by not giving us GCs in a timely manner.
let me give my views as to why Mark and others are missing the main point that I am trying to make. agreed using this as the main point may not work ..but this has to be a very important point. at the back of their mind - the policy makers know that some talent will definitely leave but lot will stay back (and they will keep paying USCIS money). even if people go back to India or China ..who will employ them ..it is the same MNC / big US corporations ..
(so they know some talent will leak away ..but majority will stay back ..you just need to know the quota system / political system in India and china ..and automatically you will know that the talented guys will do everything to prevent their children from going through that ..)
the second point is for the admin fix (which I guess can be done by president without congress approval) ..in every poll ..the President has a low ranking ..the last thing that he needs is to be blamed for this recession too ..
so during their meetings if DHS or others were to suggest that more immigrants would buy more stuff here (rather than buying houses in India / china) ..if they were more sure of their status ..the admin fix would have greater chance of success ..
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  #245 (permalink)  
Old 04-30-2008, 03:37 AM
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Default Housing prices post record declines

http://money.cnn.com/2008/04/29/real...ion=2008042912
http://www.wsbtv.com/video/16065351/index.html

Strap on your seat belts. This is going to be a rough ride...

Last edited by nojoke; 04-30-2008 at 03:49 AM.
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  #246 (permalink)  
Old 05-03-2008, 03:33 AM
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Default Another bad news

NAR has been constantly changing their prediction. They predicted that we will be having growth in the later part of this year. Now they changed their tune. It is now 24% down. Nextmonth they will say 35% down. NAR is a joke
http://lansner.freedomblogging.com/2...fornia-houses/
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  #247 (permalink)  
Old 05-03-2008, 08:55 AM
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Default

Quote:
Originally Posted by nojoke View Post
For 330K house, the calculations are probably splitting hairs. If it had already lost value to what the income in your area can support, then it is good time. But if it is still going down, I would rather buy a house at the bottom even if the interest rate gets higher. I can sell the house immediately without loss, if I have too.
You think buying and selling a home a joke. You look on an average for 3-5 month to buy a home and one fine day u woke up and interest rate is high u plan to sell. This may be even possible only when u have bought house for pure investment.

Once you move to ur first house with ur family. you will not sell ur house until u r forced to because of job/other extreme factors.

Location is most important that any thing. It is very very localized. do u think manhattan house price went down..in fact it went up. Similarly DC metro area is relatively stronger compare to mid west.

A bit of luck is always there in every single thing. Predicting bottom/peak is always challenge.

One funny thing..people are planning how to sell before they even look for house to buy. lol..
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  #248 (permalink)  
Old 05-03-2008, 10:38 PM
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Quote:
Originally Posted by my2cents View Post
You think buying and selling a home a joke. You look on an average for 3-5 month to buy a home and one fine day u woke up and interest rate is high u plan to sell. This may be even possible only when u have bought house for pure investment.

Once you move to ur first house with ur family. you will not sell ur house until u r forced to because of job/other extreme factors.

Location is most important that any thing. It is very very localized. do u think manhattan house price went down..in fact it went up. Similarly DC metro area is relatively stronger compare to mid west.

A bit of luck is always there in every single thing. Predicting bottom/peak is always challenge.

One funny thing..people are planning how to sell before they even look for house to buy. lol..

What are you talking about? I said to buy house when it is cheaper. If interest rates go up, then the house price will sure come down. If I buy low, I will be able to sell without a loss. I said it is better to buy a house cheaper at higher interest rate than paying 1/2 million at a lower interest rate. Got it?

So Manhattan prices are rising and it is ok to buy else where? You are kidding.
Yes real estate is localized. But this time it not if you area is falling down in price, but it is by how much. Some areas fall more than others. The prices will continue to fall in 99% of the place. Please stop quoting Manhattan. How many here live in Manhattan?

Oh, predicting in this economy is easy. The housing will crash. No question about that. Only question is by how much. The lying liars(NAR) has just said that there is going to be a correction of 24% this year for california. If they are saying this, then you know it will go down by more than 40%.

Did you watch today's program in CNN(housing meltdown). They said that this is a ponzi scheme. It is unsustainable. It is bound to fall.

You seem to be living in your own dream world. Stop denying the fact. Go look around and read news. Just hoping for prices not falling is not going to stop the crash.

I am not trying to talk about selling before buying. I am telling you to buy at a lower price so that you don't loose when you are forced to sell. Even otherwise it is always a good idea to buy low. Don't you look for bargain for your clothing. You don't sell them, but you still try to get at a good price. If you are doing this for buying clothes, why are you guys so eager to throw your money away when it comes to housing.

Before throwing the sarcasm at others, learn about the economy and where we are in housing and where it is heading. You are just playing 'I don't hear any bad news, I don't see bad news...la la la la and everything is wonderful'. Look into all the links I posted and tell me why you are confident that house prices won't fall.
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  #249 (permalink)  
Old 05-04-2008, 02:10 PM
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Default

House...forget it......


It will never reach those highs again...

In US..RE is done.

Not 485...look at the number of foreclosures.....and inflation.....

untill the war is over...forget...
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  #250 (permalink)  
Old 05-04-2008, 03:13 PM
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Originally Posted by r2i2009 View Post
House...forget it......


It will never reach those highs again...

In US..RE is done.

Not 485...look at the number of foreclosures.....and inflation.....

untill the war is over...forget...
I saw a news article that says Bangalore real estate is down 20% this year. And another one that says Delhi is down 20%. What happened in India is also a part ponzi scheme. All the NRIs buying at whatever prices. How can any local guy afford at those prices Unless inflation goes sky high and wages multiplying to catch up with the inflation.
If I buy a flat in Bangalore at 50 lakhs and expect 15 thousand for the rent, it comes to 2 lakhs approx. a year return. If I do a fixed deposit in the bank at 10% interest, I get 5 lakhs return. I can rent for 15 thousand and invest the 3 lakhs back into a fixed deposit. Over the years, flats depriciate and in 20-25 years it will be close to valued at nothing. Where as a wise investment in the bank would have multiplyied by 4 times.
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  #251 (permalink)  
Old 05-04-2008, 03:45 PM
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Quote:
Originally Posted by nojoke View Post
I saw a news article that says Bangalore real estate is down 20% this year. And another one that says Delhi is down 20%. What happened in India is also a part ponzi scheme. All the NRIs buying at whatever prices. How can any local guy afford at those prices Unless inflation goes sky high and wages multiplying to catch up with the inflation.
If I buy a flat in Bangalore at 50 lakhs and expect 15 thousand for the rent, it comes to 2 lakhs approx. a year return. If I do a fixed deposit in the bank at 10% interest, I get 5 lakhs return. I can rent for 15 thousand and invest the 3 lakhs back into a fixed deposit. Over the years, flats depriciate and in 20-25 years it will be close to valued at nothing. Where as a wise investment in the bank would have multiplyied by 4 times.
I got the link
http://business.timesonline.co.uk/to...cle3810486.ece
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  #252 (permalink)  
Old 05-04-2008, 10:28 PM
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Default

Quote:
Originally Posted by nojoke View Post
I saw a news article that says Bangalore real estate is down 20% this year. And another one that says Delhi is down 20%. What happened in India is also a part ponzi scheme. All the NRIs buying at whatever prices. How can any local guy afford at those prices Unless inflation goes sky high and wages multiplying to catch up with the inflation.
If I buy a flat in Bangalore at 50 lakhs and expect 15 thousand for the rent, it comes to 2 lakhs approx. a year return. If I do a fixed deposit in the bank at 10% interest, I get 5 lakhs return. I can rent for 15 thousand and invest the 3 lakhs back into a fixed deposit. Over the years, flats depriciate and in 20-25 years it will be close to valued at nothing. Where as a wise investment in the bank would have multiplyied by 4 times.
Can you show me any flat anywhere in any metro which have gone to zero
It will apreciate at lower rate but can never go to ZERO.

Last edited by raj2007; 05-05-2008 at 02:03 AM.
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  #253 (permalink)  
Old 05-05-2008, 03:15 AM
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Quote:
Originally Posted by nojoke View Post
.. Over the years, flats depriciate and in 20-25 years it will be close to valued at nothing.
Show me a flat(apartment) in any metro in India which has depreciated to almost nothing in 25 years.
the rate of appreciation might come down, but at the end of the day there is only so much land, and a growing number of people running after it. of course prices drop after the rapid expansion of a bubble, but RE stabilizes soon thereafter (tons of examples over hte last few decades: Tokyo, Bombay). The important thing is the underlying local economy should be humming. If an area loses its basic economic engine (rust belt areas, with production moving overseas) thats when the RE slump takes way too long to recover and pockets of it never do (Ghost towns in CA)
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  #254 (permalink)  
Old 05-05-2008, 04:23 AM
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Quote:
Originally Posted by raj2007 View Post
Can you show me any flat anywhere in any metro which have gone to zero
It will apreciate at lower rate but can never go to ZERO.
So what happens when it is demolished? Building has a life time. Right? So you would buy a 30 year old apartment for 50 lakhs? No wonder flats cost so much in Bangalore
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  #255 (permalink)  
Old 05-05-2008, 04:41 AM
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Quote:
Originally Posted by raj2007 View Post
Can you show me any flat anywhere in any metro which have gone to zero
It will apreciate at lower rate but can never go to ZERO.
So what happens when it is demolished? Building has a life time. Right? So you would buy a 30 year old apartment for 50 lakhs? No wonder flats cost so much in Bangalore
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