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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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  #856 (permalink)  
Old 01-22-2009, 04:22 PM
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Buy the house and start the slavery in this country
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  #857 (permalink)  
Old 01-22-2009, 04:43 PM
jsb jsb is offline
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Originally Posted by crazydesi View Post
Buy the house and start the slavery in this country
It is a Capitalist country. All working class people are "slaves" of the Capitalism. Buy or don't buy, is a personal choice based on combination of factors.
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  #858 (permalink)  
Old 01-22-2009, 05:21 PM
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Default Other systems are not good either

People have tried other systems also. They have tried (or forced on them) dictatorships, communism, socialism, kingdoms, religion based ruling etc. etc.

Of all the systems, I think Capitalism is the best. It is not perfect, but it is the better than all other systems.

Quote:
Originally Posted by jsb View Post
It is a Capitalist country. All working class people are "slaves" of the Capitalism. Buy or don't buy, is a personal choice based on combination of factors.
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  #859 (permalink)  
Old 01-22-2009, 05:33 PM
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Default Money can be printed

I agree with your comment that "Money can not be grown.". But money can be printed and governments often do a pretty good job of printing lots of them.

Right now, the US govt. is in a mood to print truck loads of money and in my humble opinion, the value of the US $$ will decrease. This means inflation. Since major asset prices move in tandem with inflation, real estate prices will go up.

Another important aspect of the whole game is people do not have many avenues to keep their money. What are the choices?
Bank - if you keep in the bank there is a nett loss of money, since bank interests are often lower than inflation
Stokes and such - nothing to say here
Commodities - Commodities were once thought of as a solid investment avenue. But the last one year has proved that wrong. Oil was $145 a few months back and now it is around $40.
Real estate (house) - there is a possibility of loss (may be another 20%). But there is a 20% (or somewhere in that range) tax credit on real estate interest payments. You can rent your house to some one until the prices increase.

So overall, housing is an excellent investment now a days.

Quote:
Originally Posted by jsb View Post
I agree with the above. As per logical calculations (see my earlier posts on this thread), prices are still too high. On an average with reference to long term price curve, current prices are about 15 percent higher, suggesting that we should not expect any price increase for another 3 years (in the meantime it could be anything; vested interests want to keep the prices propped up but reality may force it down with a pendulum like swing to the other side). Higher prices over the last 6-7 years have changed our paradigm. Just because we have seen $600K-$700K price, may mislead us to see $500K as cheap. Money can not be grown. it has to be earned by someone. Overall it has been a wealth transfer game. Some have made rich and gone, others will earn and make it up for 30 years via mortgage payments.
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  #860 (permalink)  
Old 01-22-2009, 05:42 PM
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Default exit strategy - not fraud

Quote:
Originally Posted by jsb View Post
I am not sure if FHA loan is available for "temporary workers", with no GC. For low down payments, note that you will be paying mortgage insurance too.

For the exit strategy mentioned above, which in a nutshell means, just runaway from the country with the debt you owe. For that plan, you may even consider applying as many credit cards as you can, and then borrow to the fullest, before exiting. No doubt, , debt collectors will be looking for you, for mortgage and credit card debts, in India/China.
some clarifications:

fha is available to all legal residents - that includes temp workers
yes there will be morgage insurance until you payoff 20% of principal loan

exit strategy in a nutshell as you mentioned is not correct. its about saving your own ass but not commiting fraud and leaving the country like you mentioned. all you have to do is let the bank take over your house if you are broke and have to leave the country. and why do you think you have to pay mortgage insurance? thats what morgage insurances are for.
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  #861 (permalink)  
Old 01-22-2009, 06:10 PM
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Quote:
Originally Posted by h1techSlave View Post
I agree with your comment that "Money can not be grown.". But money can be printed and governments often do a pretty good job of printing lots of them.

Right now, the US govt. is in a mood to print truck loads of money and in my humble opinion, the value of the US $$ will decrease. This means inflation. Since major asset prices move in tandem with inflation, real estate prices will go up.

Another important aspect of the whole game is people do not have many avenues to keep their money. What are the choices?
Bank - if you keep in the bank there is a nett loss of money, since bank interests are often lower than inflation
Stokes and such - nothing to say here
Commodities - Commodities were once thought of as a solid investment avenue. But the last one year has proved that wrong. Oil was $145 a few months back and now it is around $40.
Real estate (house) - there is a possibility of loss (may be another 20%). But there is a 20% (or somewhere in that range) tax credit on real estate interest payments. You can rent your house to some one until the prices increase.

So overall, housing is an excellent investment now a days.
I have a question. Is it not that people borrowed money on non existent equity that created the home inflation in the first place. If that non existent money is replaced with real money do we still have inflation?

Let us look into your points
1) Keep the money in the bank. You don't gain anything
2) Buy an house and hope that it won't go below 20%.
Which is the best choice in this economy?

Also if wages don't rise, I don't see how housing will be inflated All I see is wage cut and job cut. On top of that banks are not giving anymore free money.
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  #862 (permalink)  
Old 01-22-2009, 07:23 PM
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Quote:
Originally Posted by h1techSlave View Post
I agree with your comment that "Money can not be grown.". But money can be printed and governments often do a pretty good job of printing lots of them.

Right now, the US govt. is in a mood to print truck loads of money and in my humble opinion, the value of the US $$ will decrease. This means inflation. Since major asset prices move in tandem with inflation, real estate prices will go up.

US Govt plans to withdraw the excess money its pumping in currently, slowly, as the economy picks up. The Govt is aware of the inflationary outcome of such an action.
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  #863 (permalink)  
Old 01-22-2009, 07:36 PM
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Sure, unless you have enough money to buy a house with cash-down you have to resort to borrowing , which in turn means paying interest to the lender, that can't be helped . What can be helped, however, is how you use your monthly payment towards your residence of choice ( either rent or put that money towards your own equity )


Quote:
Originally Posted by nojoke View Post
And if you take mortgage, you pay the mortgage investor the return on his investment in the form of interest. I don't see a difference..
On the other hand if rent is close to mortgage, as you had suggested, then it is a good deal.
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  #864 (permalink)  
Old 01-22-2009, 07:40 PM
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Quote:
Originally Posted by div_bell_2003 View Post
Sure, unless you have enough money to buy a house with cash-down you have to resort to borrowing , which in turn means paying interest to the lender, that can't be helped . What can be helped, however, is how you use your monthly payment towards your residence of choice ( either rent or put that money towards your own equity )
Let me reword it. Either save the money for down payment by renting or pay hell lot of interest.
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  #865 (permalink)  
Old 01-22-2009, 07:40 PM
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Quote:
Originally Posted by inspectorfox View Post
Immigration uncertainties should not be a reason for not buying a house in the US. In my opinion its always best to buy a house considering it as a long term investment You will eventually build equity even though the present US housing market is in doldrums.

I played the housing game differently to minimize the risks associated with my present immigration scenario (I am on 8th year H1B with I140 pending since Oct 2006)...
1) I did not buy an expensive place even though I could easily qualify for $500K mortgage.
2) I put only 3% down payment on my mortgage instead of conventional 20%. It was a difficult decision to make due to PMI but I feel more secure with cash liquidity.

I am an optimistic person but here is my realistic backup strategy if anything falls apart due to immigration (Worse case scenario) -

1) Sell the house and move out of the US (Housing market conditions could be a determining factor)
2) Rent the house (I don't think this should be a problem... LOCATION is the key)
3) Go into Foreclosure (Highly unlikely but you are destined to be screwed anyways)

Does anyone have a better backup plan? Please share here
------------

I totally agree with this. I bought a house almost 4.5 years back when I was on H1-B. One should surely buy the house and not wait for GC to come.
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  #866 (permalink)  
Old 01-22-2009, 07:51 PM
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Default The bay area rents has come down

http://www.sfgate.com/cgi-bin/articl...EHN9.DTL&tsp=1
It is a start. More power to the renters. I guess this means more home price drops.
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  #867 (permalink)  
Old 01-23-2009, 08:39 AM
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Quote:
Originally Posted by nojoke View Post
http://www.sfgate.com/cgi-bin/articl...EHN9.DTL&tsp=1
It is a start. More power to the renters. I guess this means more home price drops.
Yes, you are correct. I was wrong.
I just read this news as well. Here is another very interesting blog
http://patrick.net/housing/crash.html
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  #868 (permalink)  
Old 01-23-2009, 03:04 PM
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San Jose Rents are down.

Click on the above link.

Also, my apt is for the first time giving a 250$ to the referer incentive if I refer someone. So anyone interested please contact me

San Jose-Sunnyvale-Santa Clara, Calif.
Rank: 7
Rent drop: -3.0%
Q4 2008 rent change: -3.0%
Q4 2007 rent change: 0.0%
Effective rent: $1,788

Silicon Valley, the nation's technology capital, is suffering from layoffs and dimming economic prospects as the recession deepens. The unemployment rate in the San Jose metro area climbed to 7.2% in November 2008 compared to 4.9% in November 2007. The apartment vacancy rate jumped to 4.2% in the fourth quarter last year from 3.5% in the same period in 2007. Landlords on average are giving rent concessions of one week.
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  #869 (permalink)  
Old 01-23-2009, 03:45 PM
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Quote:
Originally Posted by xyzgc View Post
Yes, you are correct. I was wrong.
I just read this news as well. Here is another very interesting blog
http://patrick.net/housing/crash.html
Good blog. I have vague memory of seeing that blog long time ago.
I see more wage reductions
http://www.reuters.com/article/ousiv...50M42120090123
Makes me wonder if inflation without wage increase is possible?
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  #870 (permalink)  
Old 01-23-2009, 09:28 PM
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More bad news for housing.

http://money.cnn.com/2009/01/21/real...ion=2009012314
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