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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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  #871 (permalink)  
Old 01-27-2009, 08:55 PM
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Jan. 27 (Bloomberg) -- Home prices in 20 U.S. cities declined 18.2 percent in November from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.

For more click on the link below.

http://www.bloomberg.com/apps/news?p...69g&refer=home
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  #872 (permalink)  
Old 01-27-2009, 11:39 PM
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Default Whatever ... I am buying the house.

Well here I am sitting with accepted offer in hand. Yes you might think it's insane, but I am buying home in not only in this economy, but also in un-employment capital of USA aka Michigan. Heard on NPR, it will take 5-7 yrs for auto industry to come out of current mailase. Phew ... so Chak de!
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  #873 (permalink)  
Old 01-28-2009, 12:04 PM
jsb jsb is offline
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Quote:
Originally Posted by BECsufferer View Post
Well here I am sitting with accepted offer in hand. Yes you might think it's insane, but I am buying home in not only in this economy, but also in un-employment capital of USA aka Michigan. Heard on NPR, it will take 5-7 yrs for auto industry to come out of current mailase. Phew ... so Chak de!
When pessimism is at its peak (don't know if it is at this time), and no one even remotely thinks that housing is a good way for putting your money, it may be the best time to buy. I have seen in 2005, people (or their agents) sleeping overnight at new homesites to "win" a lot in morning lottery by the homebuilder, for a home for $850K, and with no choice on lot/site, because they thought it will for $1M soon. Now there are no takers of same homes for $550K. I also remember people lining up at banks for buying gold for $700/ounce in the 70's (because they thought it will be $1000 soon), but no takers for $280/ounce in late 90's, because they thought it will less than $200 soon.

Trends don't continue for ever, they reverse at some point.

Last edited by jsb; 01-28-2009 at 12:09 PM.
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  #874 (permalink)  
Old 01-28-2009, 01:02 PM
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Default Buying second one

Quote:
Originally Posted by vdixit View Post
Bought a house, sold it. Changed jobs, moved cities, planning to buy a new house.
I dont think renting (flushing money down the landlords toilet) is a wise idea if you plan to live in this country for a long time.
Go for it. PLan these things according to your family's needs.
Cheers.
Bought one house when had the H1, now on EAD , I cannot let go this great opportunity of "Blowout Sale on Houses" planning to buy another house in the same area where I am living for the past 4 years. Investment comes with risk everywhere, I am taking the risk to invest, if good happens.. Great else , what the hell... still got 2 hands and and 2 legs , I'll make my world again. I cannot let GC drive my life.

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  #875 (permalink)  
Old 01-28-2009, 01:17 PM
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Default This is the kind of attittude that built the USA

This is the kind of attitude that built the USA as the most prosperous country in the world. If Columbus and the Spaniards invested all their money in some Spanish bank he would not have made the dangerous trip.

But do not forget to do your proper research before making a decision. Putting only the minimum required to get a decent interest rate is also a good idea.

I personally am in the look out for a house in real estate auctions. So far, I could not get a decent price in any of the auctions that I have gone to. Auction price + 10% for repair + 10% for risk or profit was coming out to be higher than the regular selling price in the area.

Quote:
Originally Posted by psaxena View Post
Bought one house when had the H1, now on EAD , I cannot let go this great opportunity of "Blowout Sale on Houses" planning to buy another house in the same area where I am living for the past 4 years. Investment comes with risk everywhere, I am taking the risk to invest, if good happens.. Great else , what the hell... still got 2 hands and and 2 legs , I'll make my world again. I cannot let GC drive my life.

Live well Do Good,
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  #876 (permalink)  
Old 01-28-2009, 07:30 PM
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I closed my house purchase 3 weeks ago with less than 5% out of pocket .. No issues with immigration status.. no requirements for 20% downpayment or reserves .. bank is Chase..

I live in TX. Still on EAD.. The house prices were never overly inflated here and the prices havnt gone down significantly either. How ever, there are some opportunities to buy for 10-20% less compared to the market value of 2004-2007.
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Last edited by s_r_e_e; 09-15-2011 at 03:30 AM.
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  #877 (permalink)  
Old 01-28-2009, 09:41 PM
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Quote:
Originally Posted by h1techSlave View Post
This is the kind of attitude that built the USA as the most prosperous country in the world. If Columbus and the Spaniards invested all their money in some Spanish bank he would not have made the dangerous trip.

But do not forget to do your proper research before making a decision. Putting only the minimum required to get a decent interest rate is also a good idea.

I personally am in the look out for a house in real estate auctions. So far, I could not get a decent price in any of the auctions that I have gone to. Auction price + 10% for repair + 10% for risk or profit was coming out to be higher than the regular selling price in the area.
Those who buy 2, 3 houses are Columbus?
That is the attitude that is causing all these troubles and bailouts. That is the attitude that is going to destroy the US and the economy.
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  #878 (permalink)  
Old 01-29-2009, 10:41 AM
jsb jsb is offline
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Quote:
Originally Posted by s_r_e_e View Post
I closed my house purchase 3 weeks ago with less than 5% out of pocket .. No issues with immigration status.. no requirements for 20% downpayment or reserves .. bank is Chase..

I live in TX. Still on EAD.. The house prices were never overly inflated here and the prices havnt gone down significantly either. How ever, there are some opportunities to buy for 10-20% less compared to the market value of 2004-2007.
Buying at no or little down payment is, in other words, spending money you don't have but you hope to earn in the future. In 2002-2006, many bought this way, hoping to earn in the future also this way (i.e. buy low sell high). This scheme can not work for ever. Money made by many has to be earned by someone the old fashion way...by continuing to pay for 30 years.

Bottom line judgement for buy or don't buy should be based on (i) no capital gain, it happens treat it as bonus, (ii) treat monthly cost as your operating expense you reasonably would want to spend for a roof on your head. Of course, there is always a chance of losing (or making) money.

Last edited by jsb; 01-29-2009 at 10:43 AM.
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  #879 (permalink)  
Old 01-29-2009, 01:43 PM
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Quote:
Originally Posted by jsb View Post

Bottom line judgement for buy or don't buy should be based on (i) no capital gain, it happens treat it as bonus, (ii) treat monthly cost as your operating expense you reasonably would want to spend for a roof on your head. Of course, there is always a chance of losing (or making) money.

Can you explain/elobarate this in simple term?
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  #880 (permalink)  
Old 01-29-2009, 01:56 PM
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Default Appraisers are very much part of the real estate problem.

Appraisers are very much part of the real estate problem. They have a duel interest: figure out the fair value of the property and promote the sale of real estate properties.

When an appraiser does appraise a property below the sale price, the loan does not get approved and in most cases the sale also does not go thru. This is against the interest of all the middle men in the industry - real estate brokers, loan brokers etc. In real life, if an appraiser is very strict he will slowly loose business because of the above point. So the appraiser naturally appraises a house to the sale price, no matter whether that is the fair value of the property or not.

If the points mentioned in your post is strictly followed in true faith, then the appraiser bias can be avoided. But will it ever happen? How will Fannie and Freddie know for sure that there was no influence by the Mortgage broker in selecting the appraiser?

Quote:
Originally Posted by albertpinto View Post
Mortgage brokers and Realtors are no longer able to choose appraisers. They will be selected by lenders, which are not allowed to influence appraisers by withholding payments or promising future work. If lenders have in-house appraisers, the bank's loan-origination department is not allowed to influence their valuation decisions or supervise their work.
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  #881 (permalink)  
Old 01-29-2009, 01:59 PM
jsb jsb is offline
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Quote:
Originally Posted by Ramba View Post
Can you explain/elobarate this in simple term?
Very simple.
(i) Don't think you buy a home because you want to get rich. Forget the idea that having a home is the best way to make money (without earning it the traditional way). Think of this as a need. Treat monthly costs (mortgage, taxes, utilities, etc.) as your monthly operating cost like food, clothing etc. If you think costs associated with the ownership, and maintenance and upkeep work meets your expectations and personality, you can consider buying a home.
(ii) Next consideration is your potential length of stay in this home. There is risk (of losing money) if this time horizon is short. Consider if your personality can handle such risks
(iii) If you decide to go ahead, determine what should be the right price. Just because something is cheaper than what it was 2 yrs ago, does not mean it is a good price. Try to determine price using some logical methods. See my post (several weeks ago) in this thread on this. This is not an exact science, but should provide you with a pricing number. You might have to pay more than this (as prices in some areas are still more than where they should have been), but you can weight associated risk with benefits.
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  #882 (permalink)  
Old 01-29-2009, 03:06 PM
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Default How to be a smart

[quote=jsb;313669]Buying at no or little down payment is, in other words, spending money you don't have but you hope to earn in the future. In 2002-2006, many bought this way, hoping to earn in the future also this way (i.e. buy low sell high). This scheme can not work for ever. Money made by many has to be earned by someone the old fashion way...by continuing to pay for 30 years.

[quote]

I understand your logic. In simple terms, if you donít have enough money in upfront, do not buy. Do not buy just based on the assumption that you will earn and pay the debt in 30 years. Even I like this concept. I like to pay 100% upfront and buy the house with out any loan. I do not want to get 30 year loan and work hard to pay the debt. If the mortgage loans are not available to any one, the house price will not be this high, and it will be in affordable range to buy with out a loan. But is it possible in USA? This entire country was built in credit and slavery. This is entirely credit based society. Because 100% loan available (free money) available upfront, the real estate price are too high, as it was gambled by many (not only investors). Even paying 20% down payment is risky business now. Even if any one buy a house for 250K (about national average), one has to put 50K for 20% down payment. This 50K is very high amount for many average Americans. If that house price drops by 50K in next 2-3 years, the guy will loose his/her share. Losing 50K is big amount for many. So, the people always tend to put less, even if they have enough money to put. As long as entire real estate is considered as profit/loss making business, there is always risky. So everyone wants to act smart in business. I feel the government should step in and make the real estate industry as similar to food industry as it is essential for life, not a gambling business.
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  #883 (permalink)  
Old 01-29-2009, 03:38 PM
jsb jsb is offline
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[quote=Ramba;313740][quote=jsb;313669]Buying at no or little down payment is, in other words, spending money you don't have but you hope to earn in the future. In 2002-2006, many bought this way, hoping to earn in the future also this way (i.e. buy low sell high). This scheme can not work for ever. Money made by many has to be earned by someone the old fashion way...by continuing to pay for 30 years.

Quote:

I understand your logic. In simple terms, if you donít have enough money in upfront, do not buy. Do not buy just based on the assumption that you will earn and pay the debt in 30 years. Even I like this concept. I like to pay 100% upfront and buy the house with out any loan. I do not want to get 30 year loan and work hard to pay the debt. If the mortgage loans are not available to any one, the house price will not be this high, and it will be in affordable range to buy with out a loan. But is it possible in USA? This entire country was built in credit and slavery. This is entirely credit based society. Because 100% loan available (free money) available upfront, the real estate price are too high, as it was gambled by many (not only investors). Even paying 20% down payment is risky business now. Even if any one buy a house for 250K (about national average), one has to put 50K for 20% down payment. This 50K is very high amount for many average Americans. If that house price drops by 50K in next 2-3 years, the guy will loose his/her share. Losing 50K is big amount for many. So, the people always tend to put less, even if they have enough money to put. As long as entire real estate is considered as profit/loss making business, there is always risky. So everyone wants to act smart in business. I feel the government should step in and make the real estate industry as similar to food industry as it is essential for life, not a gambling business.
Can't be said any better. America is a culture of credit and debt. So be part of it. Note that brokers try to get you more loan than you need, and will not openly tell about additional costs in the form of insurance etc. Every middle man tries to take share of money upfront, you will earn over the next 30 years.
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  #884 (permalink)  
Old 02-03-2009, 06:14 PM
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Any one from Hackettstown, NJ? I am looking to buy a home there and would like to know good communities there.
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  #885 (permalink)  
Old 02-03-2009, 06:33 PM
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Bay Area real estate is falling.

http://www.mercurynews.com/topstories/ci_11612804
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