anilsal
11-12 11:59 PM
Now i remember about my Indian friend who passed through the "H1B turned GC holder" route bad mouthing about US h1 policy ( that time there was an attempt to hike the quota by some 20000 and he was deeply upset by that ).
It is not about your Indian friend alone. There are a large number of people who have got GC/Citizenship via some form of immigration (mostly family) and are bad mouthing H1B holders/quota etc. In addition, since some of them run businesses, guess which party they love. ;)
It is not about your Indian friend alone. There are a large number of people who have got GC/Citizenship via some form of immigration (mostly family) and are bad mouthing H1B holders/quota etc. In addition, since some of them run businesses, guess which party they love. ;)
wallpaper Incidents at Japan#39;s Fukushima
rockstart
07-14 10:43 AM
Did you mentiopn like Phani_6 that your lawyer filed Eb3 on advice from DOL inspite of you qualifying for Eb2?
I already mailed the Letter to Visa Section, DOS with a request to allocate some Visa Number to EB-3(India) to help to reduce the wait time. Did not mention about EB-2 or any other thing. Just a Request for EB-3 (India).
I already mailed the Letter to Visa Section, DOS with a request to allocate some Visa Number to EB-3(India) to help to reduce the wait time. Did not mention about EB-2 or any other thing. Just a Request for EB-3 (India).
Macaca
03-06 09:03 PM
Labor Certification for the Permanent Employment of Aliens in the United States; Implementation of New System; Final Rule (http://www.foreignlaborcert.doleta.gov/pdf/PERM_Final_Rule_12-27-04_FR.pdf) 20 CFR Parts 655 and 656 | Department of Labor Employment and Training Administration, December 27, 2004
U.S. Immigration Policy on Permanent Admissions (http://www.ilw.com/immigdaily/news/2007,0122-crs.pdf), CRS Report for Congress, Updated December 13, 2006
U.S. Immigration Policy on Permanent Admissions (http://www.ilw.com/immigdaily/news/2006,0425-crs.pdf), Updated April 17, 2006
Immigration Policy in the United States (http://www.cbo.gov/ftpdocs/70xx/doc7051/02-28-Immigration.pdf) CONGRESSIONAL BUDGET OFFICE, February 2006
CRS Reports (http://www.ilw.com/immigdaily/news/crs.shtm)
Immigration through Employment (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=84096138f898d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD)
EMPLOYMENT-BASED PERMANENT RESIDENCE (http://immigrationvoice.org/forum/attachment.php?attachmentid=141&d=1184798383)
EXTRAORDINARY, EXCEPTIONAL AND OUTSTANDING: What does it take to make it to the top? (http://www.hammondlawfirm.com/monthly/october_featured_article.pdf) by Sherry L. Neal, Attorney
Damaris Del Valle, Law Clerk
Legal Immigrants: waiting forever (http://www.competeamerica.org/resource/h1b_glance/NFAP_Study.pdf)
TITLE 22 OF CODE OF FEDERAL REGULATIONS (22 CFR): Chapter I -- DEPARTMENT OF HOMELAND SECURITY (IMMIGRATION AND NATURALIZATION)(Amended 2/28/03; 68 FR 9824 ) (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=e6f9e66480441fe548dfe78bf2aff 82c)
TITLE 8 OF CODE OF FEDERAL REGULATIONS (8 CFR): Chapter I -- DEPARTMENT OF HOMELAND SECURITY (IMMIGRATION AND NATURALIZATION) (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=d28c5cb48217d90d388b3ed180f19 96e)
PART 42�VISAS: DOCUMENTATION OF IMMIGRANTS UNDER THE IMMIGRATION AND NATIONALITY ACT, AS AMENDED (http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=d093e437827c75a38a4aaaa26e9b13b3&rgn=div8&view=text&node=22:1.0.1.5.28.6.1.1&idno=22), Subpart F�Numerical Controls and Priority Dates
Adjudicator's Field Manual - Redacted Public Version (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=724ce55f1a60168e48ce159d28615 0e2) Updated Through June 18, 2007, Posted July, 2007
AFM Update: Chapter 22: Employment-based Petitions (AD03-01) (http://immigrationvoice.org/forum/attachment.php?attachmentid=136&d=1184796132)
Transferring Section 245 Adjustment Applications to New or Subsequent Family or Employment-Based Visa Petitions (http://immigrationvoice.org/forum/attachment.php?attachmentid=137&d=1184797399)
I-485 Standard Operating Procedure (http://immigrationvoice.org/forum/attachment.php?attachmentid=138&d=1184798238)
Interim Guidance for Processing Form I-140 Employment-Based Immigrant Petitions and Form I-485 and H-1B Petitions Affected by the American Competitiveness in the Twenty-First Century Act of 2000 (AC21) (Public Law 106-313) (http://immigrationvoice.org/forum/attachment.php?attachmentid=139&d=1184798248)
Revised Interview Waiver Criteria for Form I-485 Application to Register permanent residence or adjust status (http://immigrationvoice.org/forum/attachment.php?attachmentid=142&d=1184798393)
U.S. Immigration Policy on Permanent Admissions (http://www.ilw.com/immigdaily/news/2007,0122-crs.pdf), CRS Report for Congress, Updated December 13, 2006
U.S. Immigration Policy on Permanent Admissions (http://www.ilw.com/immigdaily/news/2006,0425-crs.pdf), Updated April 17, 2006
Immigration Policy in the United States (http://www.cbo.gov/ftpdocs/70xx/doc7051/02-28-Immigration.pdf) CONGRESSIONAL BUDGET OFFICE, February 2006
CRS Reports (http://www.ilw.com/immigdaily/news/crs.shtm)
Immigration through Employment (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=84096138f898d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD)
EMPLOYMENT-BASED PERMANENT RESIDENCE (http://immigrationvoice.org/forum/attachment.php?attachmentid=141&d=1184798383)
EXTRAORDINARY, EXCEPTIONAL AND OUTSTANDING: What does it take to make it to the top? (http://www.hammondlawfirm.com/monthly/october_featured_article.pdf) by Sherry L. Neal, Attorney
Damaris Del Valle, Law Clerk
Legal Immigrants: waiting forever (http://www.competeamerica.org/resource/h1b_glance/NFAP_Study.pdf)
TITLE 22 OF CODE OF FEDERAL REGULATIONS (22 CFR): Chapter I -- DEPARTMENT OF HOMELAND SECURITY (IMMIGRATION AND NATURALIZATION)(Amended 2/28/03; 68 FR 9824 ) (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=e6f9e66480441fe548dfe78bf2aff 82c)
TITLE 8 OF CODE OF FEDERAL REGULATIONS (8 CFR): Chapter I -- DEPARTMENT OF HOMELAND SECURITY (IMMIGRATION AND NATURALIZATION) (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=d28c5cb48217d90d388b3ed180f19 96e)
PART 42�VISAS: DOCUMENTATION OF IMMIGRANTS UNDER THE IMMIGRATION AND NATIONALITY ACT, AS AMENDED (http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=d093e437827c75a38a4aaaa26e9b13b3&rgn=div8&view=text&node=22:1.0.1.5.28.6.1.1&idno=22), Subpart F�Numerical Controls and Priority Dates
Adjudicator's Field Manual - Redacted Public Version (http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=724ce55f1a60168e48ce159d28615 0e2) Updated Through June 18, 2007, Posted July, 2007
AFM Update: Chapter 22: Employment-based Petitions (AD03-01) (http://immigrationvoice.org/forum/attachment.php?attachmentid=136&d=1184796132)
Transferring Section 245 Adjustment Applications to New or Subsequent Family or Employment-Based Visa Petitions (http://immigrationvoice.org/forum/attachment.php?attachmentid=137&d=1184797399)
I-485 Standard Operating Procedure (http://immigrationvoice.org/forum/attachment.php?attachmentid=138&d=1184798238)
Interim Guidance for Processing Form I-140 Employment-Based Immigrant Petitions and Form I-485 and H-1B Petitions Affected by the American Competitiveness in the Twenty-First Century Act of 2000 (AC21) (Public Law 106-313) (http://immigrationvoice.org/forum/attachment.php?attachmentid=139&d=1184798248)
Revised Interview Waiver Criteria for Form I-485 Application to Register permanent residence or adjust status (http://immigrationvoice.org/forum/attachment.php?attachmentid=142&d=1184798393)
2011 Map of Affected Ares by
pani_6
07-13 01:15 PM
What ever you might say Lawyers acted in DOL advise..
Very good point by alterego.
This letter has a very striking problem in it.. one that can cause a huge problem for the people signing it.
How can one say that they wanted to apply in EB2, but their lawyer said they should apply in EB3?
As pointed out by pappu, Category is determined by job requirements and not the summary qualifications of the beneficiary.
If you sign and say that the lawyer said you should apply in EB3/EB2/whatever, you are essentially stating that lawyers were involved in fabricating the job requirements. This is the same problem that is causing Fragomen clients to be investigated/audited.
This is just an advice. I am prepared to support IV and the members in whatever we decide to follow.
Very good point by alterego.
This letter has a very striking problem in it.. one that can cause a huge problem for the people signing it.
How can one say that they wanted to apply in EB2, but their lawyer said they should apply in EB3?
As pointed out by pappu, Category is determined by job requirements and not the summary qualifications of the beneficiary.
If you sign and say that the lawyer said you should apply in EB3/EB2/whatever, you are essentially stating that lawyers were involved in fabricating the job requirements. This is the same problem that is causing Fragomen clients to be investigated/audited.
This is just an advice. I am prepared to support IV and the members in whatever we decide to follow.
more...
psvk
08-05 11:42 AM
I have utmost respect for you Walking_Dude. Your leadership and ethusasm is phenomenal. But even in IV , I comes before We.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit.
Most of us may agree with porting but not LC substitution as it is you are eating somebody's vomit.
You and OP joined the forum recently and not sure how much u have contributed to our cause, rather causing unnecessary stir.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit.
Most of us may agree with porting but not LC substitution as it is you are eating somebody's vomit.
You and OP joined the forum recently and not sure how much u have contributed to our cause, rather causing unnecessary stir.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
hiralal
06-08 07:24 AM
similar arguments and predictions by different analysts
------------------------------
And here's Whitney and Glenn's take on the future of house prices:
We think housing prices will reach fair value/trend line, down 40% from the peak based on the
S&P/Case-Shiller national (not 20-city) index, which implies a 5-10% further decline from where
prices where as of the end of Q1 2009. It’s almost certain that prices will reach these levels.
• The key question is whether housing prices will go crashing through the trend line and fall well below fair value. Unfortunately, this is very likely.
In the long-term, housing prices will likely settle around fair value, but in the short-term prices will be driven both by psychology as well as supply and demand. The trends in both are very unfavorable.
– Regarding the former, national home prices have declined for 33 consecutive months since their peak in July 2006 through April 2009 and there’s no end in sight, so this makes buyers reluctant – even when the price appears cheap – and sellers desperate.
– Regarding the latter, there is a huge mismatch between supply and demand, due largely to the tsunami of foreclosures. In March 2009, distressed sales accounted for just over 50% of all existing home sales nationwide – and more than 57% in California. In addition, the “shadow” inventory of foreclosed homes already likely exceeds one year and there will be millions more foreclosures over the next few years, creating a large overhang of excess supply that will likely cause prices to overshoot on the downside, as they are already doing in California.
• Therefore, we expect housing prices to decline 45-50% from the peak, bottoming in mid-2010
• We are also quite certain that wherever prices bottom, there will be no quick rebound
• There’s too much inventory to work off quickly, especially in light of the millions of foreclosures
over the next few years
• While foreclosure sales are booming in many areas, regular sales by homeowners have plunged,
in part because people usually can’t sell when they’re underwater on their mortgage and in part
due to human psychology: people naturally anchor on the price they paid or what something was
worth in the past and are reluctant to sell below this level. We suspect that there are millions of
homeowners like this who will emerge as sellers at the first sign of a rebound in home prices
• Finally, we don’t think the economy is likely to provide a tailwind, as we expect it to contract the
rest of 2009, stagnate in 2010, and only then grow tepidly for some time thereafter.
------------------------------
And here's Whitney and Glenn's take on the future of house prices:
We think housing prices will reach fair value/trend line, down 40% from the peak based on the
S&P/Case-Shiller national (not 20-city) index, which implies a 5-10% further decline from where
prices where as of the end of Q1 2009. It’s almost certain that prices will reach these levels.
• The key question is whether housing prices will go crashing through the trend line and fall well below fair value. Unfortunately, this is very likely.
In the long-term, housing prices will likely settle around fair value, but in the short-term prices will be driven both by psychology as well as supply and demand. The trends in both are very unfavorable.
– Regarding the former, national home prices have declined for 33 consecutive months since their peak in July 2006 through April 2009 and there’s no end in sight, so this makes buyers reluctant – even when the price appears cheap – and sellers desperate.
– Regarding the latter, there is a huge mismatch between supply and demand, due largely to the tsunami of foreclosures. In March 2009, distressed sales accounted for just over 50% of all existing home sales nationwide – and more than 57% in California. In addition, the “shadow” inventory of foreclosed homes already likely exceeds one year and there will be millions more foreclosures over the next few years, creating a large overhang of excess supply that will likely cause prices to overshoot on the downside, as they are already doing in California.
• Therefore, we expect housing prices to decline 45-50% from the peak, bottoming in mid-2010
• We are also quite certain that wherever prices bottom, there will be no quick rebound
• There’s too much inventory to work off quickly, especially in light of the millions of foreclosures
over the next few years
• While foreclosure sales are booming in many areas, regular sales by homeowners have plunged,
in part because people usually can’t sell when they’re underwater on their mortgage and in part
due to human psychology: people naturally anchor on the price they paid or what something was
worth in the past and are reluctant to sell below this level. We suspect that there are millions of
homeowners like this who will emerge as sellers at the first sign of a rebound in home prices
• Finally, we don’t think the economy is likely to provide a tailwind, as we expect it to contract the
rest of 2009, stagnate in 2010, and only then grow tepidly for some time thereafter.
more...
bajrangbali
06-05 05:35 PM
Your analysis is so spot on except for item #8 and item # 9. I have a question though.. The example you have given suits my scenario so well. I am planning to buy a house (310k ) very soon. The loan offers I have from my lender has interest rates pretty much the same for both 10% down payment and 20% down payment, 5.0 with 20% and 5.25 with 10% down payment. I can down pay 10% right away and the other 10% is also available in a risk free(can withdraw without penalty) cd which yield me a return of 3.5% . So which is better for me 10% or 20% down pay. thanks in advance.
As for buying or renting..it is more of a personal choice - to me, buying a house has tangible benefits over renting.. like a sense of entitlement to call some place ur true home and most likely a good enviroment for raising the kids. Life has phases like education, marriage, kids, job, etc..Now that I am into my 30's, I would like to see
what it feels like to have owned a home.
If I were you..I would go with the 10% down payment option. Your monthly payment would not increase much and you would have more cash safe in CD for life events.
Consider the rent you are currently paying and make a choice...buying a home should not burden you with more than 10-20% of you current rent payment. In my case I am more conservative and going with a mortgage < my current rent payment.
If it helps, here are my details:
Condo cost: 300K
Down payment: 5% - 15K
Using fed stimulus: 8K towards down payment
Total payment: 7K+closing costs
Current rent: $2200
Mortgage: ~$1500-1600
Price trend in the past 5yrs: down <20% from peak prices
Estimate living time: 2yrs min
Even if house value drops after 2yrs by 10%, the tax savings, equity, happiness would compensate more than enough for it...
I agree everyone's situation is different, but please do not make the mistake of taking a huge burden of payment if you are buying. Always buy within/below your means...
As for buying or renting..it is more of a personal choice - to me, buying a house has tangible benefits over renting.. like a sense of entitlement to call some place ur true home and most likely a good enviroment for raising the kids. Life has phases like education, marriage, kids, job, etc..Now that I am into my 30's, I would like to see
what it feels like to have owned a home.
If I were you..I would go with the 10% down payment option. Your monthly payment would not increase much and you would have more cash safe in CD for life events.
Consider the rent you are currently paying and make a choice...buying a home should not burden you with more than 10-20% of you current rent payment. In my case I am more conservative and going with a mortgage < my current rent payment.
If it helps, here are my details:
Condo cost: 300K
Down payment: 5% - 15K
Using fed stimulus: 8K towards down payment
Total payment: 7K+closing costs
Current rent: $2200
Mortgage: ~$1500-1600
Price trend in the past 5yrs: down <20% from peak prices
Estimate living time: 2yrs min
Even if house value drops after 2yrs by 10%, the tax savings, equity, happiness would compensate more than enough for it...
I agree everyone's situation is different, but please do not make the mistake of taking a huge burden of payment if you are buying. Always buy within/below your means...
2010 Second Earthquake in Japan
sk2006
06-06 03:44 PM
why are all the non-GC-holder desis even debating owning a home?!!
is that not, like, the most laughable, stupid thing to do?
what the fu$k!! you dont have a GC, you dont have any job security, you dont have any unemployment/social security, you blow your savings on a house, stocks and houses will take about 4 solid years to get back to where they were (if ever), this country's economy is tanking, there is no love for legal immigrants, we are still only in the middle of this recession (depression?).................aah, what the hell.........
go buy your american dream you stupid desis...........you get what you deserve.
Truth: Harshly put.
In the words of the famous Indian poet Mirza Ghalib:->
"Mar chuk kahin ki tu Gham-e-Hizran se chhoot Jaye,
Kahte to hain bhale ki wo lekin buri tarah"
Translation:
"Kill yourself and you will get rid of your miseries! Well, what is said is for my good but the way it is said is very bad".
is that not, like, the most laughable, stupid thing to do?
what the fu$k!! you dont have a GC, you dont have any job security, you dont have any unemployment/social security, you blow your savings on a house, stocks and houses will take about 4 solid years to get back to where they were (if ever), this country's economy is tanking, there is no love for legal immigrants, we are still only in the middle of this recession (depression?).................aah, what the hell.........
go buy your american dream you stupid desis...........you get what you deserve.
Truth: Harshly put.
In the words of the famous Indian poet Mirza Ghalib:->
"Mar chuk kahin ki tu Gham-e-Hizran se chhoot Jaye,
Kahte to hain bhale ki wo lekin buri tarah"
Translation:
"Kill yourself and you will get rid of your miseries! Well, what is said is for my good but the way it is said is very bad".
more...
Rolling_Flood
08-05 07:42 AM
What i mean is: Porting should not be an option based on the LENGTH OF WAITING TIME in EB3 status. That is what it is most commonly used for, thus causing a serious disadvantage to EB2 filers (who did not port).
"Employment Preference Categories" have very real legal groundings, and i intend to challenge the porting rule based on those facts.
If someone is unsatisfied with their EB3 application, they are more than welcome to start a fresh EB2 or EB1 application process, rather than try the porting subterfuge.
I hope i have made my point clear? Thanks.
You mean to say EB-2 is only meant for first time EB-2 filers, and if a person ever filed under EB-3 should not be considered to file under EB-2 again ? Are yo a 'Jamindaar' ? What you are trying to convince people is only those people who are were born rich should be allowed to live in big houses and people who were ever middle should not be allowed in big houses...Wah Wah what a idea...
"Employment Preference Categories" have very real legal groundings, and i intend to challenge the porting rule based on those facts.
If someone is unsatisfied with their EB3 application, they are more than welcome to start a fresh EB2 or EB1 application process, rather than try the porting subterfuge.
I hope i have made my point clear? Thanks.
You mean to say EB-2 is only meant for first time EB-2 filers, and if a person ever filed under EB-3 should not be considered to file under EB-2 again ? Are yo a 'Jamindaar' ? What you are trying to convince people is only those people who are were born rich should be allowed to live in big houses and people who were ever middle should not be allowed in big houses...Wah Wah what a idea...
hair The Tokai Earthquake
validIV
06-05 11:43 AM
Sorry but no matter how you spin it, owning a home is better than renting. Renting is not smart. period. your money is gone every month. You are not getting that money back.
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
here is a good point about long term housing prospects. I for one am glad that GC delay saved me from buying a house.
this is from an article
------------------------------------
Why do I think housing is in the tank for the long term?
First, I listen to people smarter than I am - a key to success from investing to recreation league baseball. When my rec team had its first losing season - after twelve consecutive great seasons (two per year) I did the logical and hired a professional coach. They were winners the next season. Ditto for analyzing stuff - and I follow Ivy Zelman and Whitney Tilson. They have been dead on about the mortgage meltdown - and see a larger one coming.
Listening to them, reading data and being objective has led me to see the key to a rebound in housing is clearing inventory - too much supply and too little demand, and since lower than five percent interest rates have not spurred buying, supply is the issue. Supply comes from the sale of existing homes, the sale of new homes, and the sale of foreclosed homes.
* Typically ten to fifteen percent of Americans sell or want to sell their home in a given year. Recent survey data shows the number is now 30%. Keep that in mind.
* New home sales are incredibly low. Market wisdom said home building stocks would rise once the new housing start rate hit a million and inventory became tight. New home starts are roughly half of that and there ain't no rebound. As the poet said, times, they be a changing.
* People are not selling, and builders are not building, not just because people are not buying - it is because prices are low and going lower and the driver here is foreclosures. Data can be found here, there and everywhere but the salient data points are a) banks are accelerating foreclosures, b) the next wave of resets of mortgages, the cause of most foreclosures, does not peak until the summer of 2011, c) banks are already sitting on more than half a million homes they have not listed for sale, and the whopper is d) the New York Times has reported that there are nineteen million empty housing units and only six million are listed for sale.
This last point, when combined with another couple of million foreclosed homes, then with desire for people wanting to sell their home as soon as they can, means excess inventory for as far as the eye can see. I originally projected housing prices would, nationally, bottom at the end of 2011 and prices would begin to pick up in mid 2012. I may have been premature. With resets peaking in mid defaults will probably peak in early Q4 2011; this means foreclosure listings will peak in mid-summer 2012, after the peak selling season, not good for managing down inventory. Assuming demand picks up - a near heroic assumption at this time as interest rates will be higher and unemployment could be the same or higher at that time - you will start to see inventory declining in a meaningful way until 2013 at the earliest.
I have focused on supply - was I too cavalier about demand? Well, that is more problematic - resets, defaults and foreclosures are fourth grade math and although the only thing I knew about housing was my own mortgage before this mess started, I can do fourth grade math and every forecast I have made about foreclosures and inventory has been right within a 30-45 day period.
Using fourth grade math as our primary tool does have value in estimating demand. Roughly 40% of demand in the peak year - 2006 - was sub-prime or near sub-prime - and these buyers are out of the market for a considerable period of time. And a very large percentage - some analysts estimate as high as a third - of all sales were for investment and second homes. Most of this demand is gone for the foreseeable future. Add tightening credit standards, recession ravaged incomes and personal balance sheets, and a new frugality and it is hard to see demand in 2013 or 2014 climbing past 50% of demand in 2006. Even if the FHA does not go bust - which it will, requiring another Treasury bailout.
When you own a home, the money goes towards a mortgage, and although most of it goes to interest at first, all interest paid is tax deductible which is a huge chunk of change every year. I get more money back as an owner than a renter and in the long run I save more AND own the home.
30 year renter vs 30 year home owner? That is not rocket science.
here is a good point about long term housing prospects. I for one am glad that GC delay saved me from buying a house.
this is from an article
------------------------------------
Why do I think housing is in the tank for the long term?
First, I listen to people smarter than I am - a key to success from investing to recreation league baseball. When my rec team had its first losing season - after twelve consecutive great seasons (two per year) I did the logical and hired a professional coach. They were winners the next season. Ditto for analyzing stuff - and I follow Ivy Zelman and Whitney Tilson. They have been dead on about the mortgage meltdown - and see a larger one coming.
Listening to them, reading data and being objective has led me to see the key to a rebound in housing is clearing inventory - too much supply and too little demand, and since lower than five percent interest rates have not spurred buying, supply is the issue. Supply comes from the sale of existing homes, the sale of new homes, and the sale of foreclosed homes.
* Typically ten to fifteen percent of Americans sell or want to sell their home in a given year. Recent survey data shows the number is now 30%. Keep that in mind.
* New home sales are incredibly low. Market wisdom said home building stocks would rise once the new housing start rate hit a million and inventory became tight. New home starts are roughly half of that and there ain't no rebound. As the poet said, times, they be a changing.
* People are not selling, and builders are not building, not just because people are not buying - it is because prices are low and going lower and the driver here is foreclosures. Data can be found here, there and everywhere but the salient data points are a) banks are accelerating foreclosures, b) the next wave of resets of mortgages, the cause of most foreclosures, does not peak until the summer of 2011, c) banks are already sitting on more than half a million homes they have not listed for sale, and the whopper is d) the New York Times has reported that there are nineteen million empty housing units and only six million are listed for sale.
This last point, when combined with another couple of million foreclosed homes, then with desire for people wanting to sell their home as soon as they can, means excess inventory for as far as the eye can see. I originally projected housing prices would, nationally, bottom at the end of 2011 and prices would begin to pick up in mid 2012. I may have been premature. With resets peaking in mid defaults will probably peak in early Q4 2011; this means foreclosure listings will peak in mid-summer 2012, after the peak selling season, not good for managing down inventory. Assuming demand picks up - a near heroic assumption at this time as interest rates will be higher and unemployment could be the same or higher at that time - you will start to see inventory declining in a meaningful way until 2013 at the earliest.
I have focused on supply - was I too cavalier about demand? Well, that is more problematic - resets, defaults and foreclosures are fourth grade math and although the only thing I knew about housing was my own mortgage before this mess started, I can do fourth grade math and every forecast I have made about foreclosures and inventory has been right within a 30-45 day period.
Using fourth grade math as our primary tool does have value in estimating demand. Roughly 40% of demand in the peak year - 2006 - was sub-prime or near sub-prime - and these buyers are out of the market for a considerable period of time. And a very large percentage - some analysts estimate as high as a third - of all sales were for investment and second homes. Most of this demand is gone for the foreseeable future. Add tightening credit standards, recession ravaged incomes and personal balance sheets, and a new frugality and it is hard to see demand in 2013 or 2014 climbing past 50% of demand in 2006. Even if the FHA does not go bust - which it will, requiring another Treasury bailout.
more...
bondgoli007
01-06 04:03 PM
Another muslim hater who justify organized crime and killing and support the killing of innocent school kids and civilians.
Hiding behind civilians and schools and mosques???? Don't you hear the same lie again and again year over year? If Hamas is using school kids as thier shield, then how do you think Palestenian people have elected the same people who cause their kids death rule their country?
Don't you think?
Refugee Now,
I believe the thinking needs to be done by the moderate muslims like yourself all over the world. Do you agree that Hamas is a terrorist outfit? Do you agree that no good can come with them as the decision makers in Palestine? Do you agree that by NOT re electing Mahmoud Abbas and the Fatah party, the people gave mandate to a outfit (Hamas) that was seeking the end of the ceasefire with Israel?
How comel you stand quite when the terrorists all over the world most of them who cite Islam or the defense of Islam as a reason to cause havoc and terror? It is clear you can have a strong voice when protesting the tragedies like in Gaza, how come the same voice is missing when the perpetrators are Islamic like in the case of Mumbai?
I whole heartedly join you in bemoaning the human loss in this conflict and pray for peace.
Hiding behind civilians and schools and mosques???? Don't you hear the same lie again and again year over year? If Hamas is using school kids as thier shield, then how do you think Palestenian people have elected the same people who cause their kids death rule their country?
Don't you think?
Refugee Now,
I believe the thinking needs to be done by the moderate muslims like yourself all over the world. Do you agree that Hamas is a terrorist outfit? Do you agree that no good can come with them as the decision makers in Palestine? Do you agree that by NOT re electing Mahmoud Abbas and the Fatah party, the people gave mandate to a outfit (Hamas) that was seeking the end of the ceasefire with Israel?
How comel you stand quite when the terrorists all over the world most of them who cite Islam or the defense of Islam as a reason to cause havoc and terror? It is clear you can have a strong voice when protesting the tragedies like in Gaza, how come the same voice is missing when the perpetrators are Islamic like in the case of Mumbai?
I whole heartedly join you in bemoaning the human loss in this conflict and pray for peace.
hot 2011 map of japan earthquake
ak27
01-28 09:54 AM
Lou Dobbs has found an audience who oppose any form of immigration. Lou picks and choose facts which support his point of view and no one at CNN is stopping him because his ratings have gone up with his rant...
more...
house Sendai Mega Quake – Update
matreen
07-13 07:26 PM
I think we should support this letter and push for it.
I understand IV is doing a great job towards our issues and at the same time CIS putting their efforts to come up with some kind of solutions and they are making changes to resolve the backlog issue.
CIS better understand that EB3 preference also backloged not only EB2 and required some attention. Why don't they inherit the left over visas for fiscal year to both catageries not only EB2 to balance movement. This is also a acceptable change if we fight in order to clear the backlog for both the catageries....EB3 can't be ignored 100%......we are also hoping and dreaming our future and can't live blindly by doing nothing....
Definatley we need IV support on this to have justice with EB3.
Thanks IV.
I understand IV is doing a great job towards our issues and at the same time CIS putting their efforts to come up with some kind of solutions and they are making changes to resolve the backlog issue.
CIS better understand that EB3 preference also backloged not only EB2 and required some attention. Why don't they inherit the left over visas for fiscal year to both catageries not only EB2 to balance movement. This is also a acceptable change if we fight in order to clear the backlog for both the catageries....EB3 can't be ignored 100%......we are also hoping and dreaming our future and can't live blindly by doing nothing....
Definatley we need IV support on this to have justice with EB3.
Thanks IV.
tattoo March 20, 2011 – MANILA/
qasleuth
06-05 11:27 AM
Totally agree ! To add, the decision to buy a house for people like us (who are stuck in this muck) also depends on the life situation you are in. Meaning, the decision to buy a house inspite of the uncertainity was over-weighed by the fact that my kids need to enjoy certain things. Watching them play with kids of their age in the neighborhood, riding a bicycle or playing with the water sprinkler while I sip my beer is priceless.
Reading the article I take it that the writer is only concerned about the profitability of buying a house in the current situation. He's not of the opinion that buying a house is bad investment, ever! But a good investor does not try to time the market; it is, in my opinion, even if you tried, an art and not a science. So now maybe the best time to buy actually!
But I have also seen many ignorant, anti-capitalist, anti-government, conspiracy theorist freaks out there, blogging from their basement, and writing articles suggesting that the government is somehow brain washing the public into buy a house so that they'll become the government�s slaves for the rest of their lives. These guys have actually never ever made any real money. They come up with short sighted calculations to prove that renting for life is better than owning a home. In my opinion no one should be listening to these people. I have yet to hear from a successful investor, or a businessman, or anyone that has what you may call reasonable wealth, saying that real estate is bad in the long run. I would take these people's advice any day because they have the money to show for their sound investment strategies, one of them being investment in a house, or a piece of real estate.
We as immigrants who are not sure of where we'll be in the next 5 years may want to consider the fact before investing in a house. But anyone else that has no such worries would be foolish not to buy a house thinking it is a doomed investment.
Reading the article I take it that the writer is only concerned about the profitability of buying a house in the current situation. He's not of the opinion that buying a house is bad investment, ever! But a good investor does not try to time the market; it is, in my opinion, even if you tried, an art and not a science. So now maybe the best time to buy actually!
But I have also seen many ignorant, anti-capitalist, anti-government, conspiracy theorist freaks out there, blogging from their basement, and writing articles suggesting that the government is somehow brain washing the public into buy a house so that they'll become the government�s slaves for the rest of their lives. These guys have actually never ever made any real money. They come up with short sighted calculations to prove that renting for life is better than owning a home. In my opinion no one should be listening to these people. I have yet to hear from a successful investor, or a businessman, or anyone that has what you may call reasonable wealth, saying that real estate is bad in the long run. I would take these people's advice any day because they have the money to show for their sound investment strategies, one of them being investment in a house, or a piece of real estate.
We as immigrants who are not sure of where we'll be in the next 5 years may want to consider the fact before investing in a house. But anyone else that has no such worries would be foolish not to buy a house thinking it is a doomed investment.
more...
pictures Maps.com Japan Earthquake map
lonedesi
06-01 06:22 PM
I admire the manner in which you eloquently conveyed the message. You are just too good. Keep it up.
The culture of rant, the tendency of being angry at all times has landed success to many broadcast journalists, authors and politicians.
On the right:
Rush Limbaugh.
Bill O Reilly.
Sean Hannity.
Ann Coulter(not a journalist but close).
On the left:
Howard Dean.
Al Sharpton.
It seems that the more angry you are, the more successful you are. What surprises me is the Republicans control the congress and the white house and still, Bill O'Reilly, Rush Limbaugh, Lou Dobbs etc. are angry at all times. They are angry if Bill Clinton is President. They are angry if George Bush is president. They are angry when Democrats win, they are angry even if republicans win. They are just angry and they want everyone else to be angry. Probably, there is a secret key to ratings success written somewhere in a secret book in a secret library that these guys have read. And that books says "Make thy audience mad at someone and thou shalt see success in thy Neilson ratings".
The culture of rant, the tendency of being angry at all times has landed success to many broadcast journalists, authors and politicians.
On the right:
Rush Limbaugh.
Bill O Reilly.
Sean Hannity.
Ann Coulter(not a journalist but close).
On the left:
Howard Dean.
Al Sharpton.
It seems that the more angry you are, the more successful you are. What surprises me is the Republicans control the congress and the white house and still, Bill O'Reilly, Rush Limbaugh, Lou Dobbs etc. are angry at all times. They are angry if Bill Clinton is President. They are angry if George Bush is president. They are angry when Democrats win, they are angry even if republicans win. They are just angry and they want everyone else to be angry. Probably, there is a secret key to ratings success written somewhere in a secret book in a secret library that these guys have read. And that books says "Make thy audience mad at someone and thou shalt see success in thy Neilson ratings".
dresses A map provided by the National
QuietFlowsTheDon
04-15 06:42 PM
if you are in DFW metroplex it is a good time to buy.
prices are holding up in most suburbs. interest rates are pretty good right now.
when you look at the inflation rates, interest rate could probably go up.
so if you have been thinking about owning a home for some time, i would say this is the best time in the last couple of years.
prices are holding up in most suburbs. interest rates are pretty good right now.
when you look at the inflation rates, interest rate could probably go up.
so if you have been thinking about owning a home for some time, i would say this is the best time in the last couple of years.
more...
makeup Japan Earthquake, 2011:
sk2006
06-06 03:44 PM
why are all the non-GC-holder desis even debating owning a home?!!
is that not, like, the most laughable, stupid thing to do?
what the fu$k!! you dont have a GC, you dont have any job security, you dont have any unemployment/social security, you blow your savings on a house, stocks and houses will take about 4 solid years to get back to where they were (if ever), this country's economy is tanking, there is no love for legal immigrants, we are still only in the middle of this recession (depression?).................aah, what the hell.........
go buy your american dream you stupid desis...........you get what you deserve.
Truth: Harshly put.
In the words of the famous Indian poet Mirza Ghalib:->
"Mar chuk kahin ki tu Gham-e-Hizran se chhoot Jaye,
Kahte to hain bhale ki wo lekin buri tarah"
Translation:
"Kill yourself and you will get rid of your miseries! Well, what is said is for my good but the way it is said is very bad".
is that not, like, the most laughable, stupid thing to do?
what the fu$k!! you dont have a GC, you dont have any job security, you dont have any unemployment/social security, you blow your savings on a house, stocks and houses will take about 4 solid years to get back to where they were (if ever), this country's economy is tanking, there is no love for legal immigrants, we are still only in the middle of this recession (depression?).................aah, what the hell.........
go buy your american dream you stupid desis...........you get what you deserve.
Truth: Harshly put.
In the words of the famous Indian poet Mirza Ghalib:->
"Mar chuk kahin ki tu Gham-e-Hizran se chhoot Jaye,
Kahte to hain bhale ki wo lekin buri tarah"
Translation:
"Kill yourself and you will get rid of your miseries! Well, what is said is for my good but the way it is said is very bad".
girlfriend Japan earthquake disaster 2011
chintu25
08-22 11:23 AM
:D
"Some good news for the economy. President went on a month-long vacation." �Jay Leno
"The federal government announced today that the recession ended back in November of 2001. It ended two years ago! Be sure to pass that on to all your unemployed friends. So you know what that means? The past twenty months of job layoffs, corporate bankruptcies and declining stocks, those were the good times. We should have been living it up." �Jay Leno
"Yesterday Federal Reserve Chairman Alan Greenspan said he would be willing to serve another term. Greenspan said, 'Where else would I get a job in this economy?'" �Conan O'Brien
"Democrats were quick to point out that President 's budget creates a 1 trillion dollar deficit. The White House quickly responded with 'Hey, look over there, it's Saddam Hussein.'" �Craig Kilborn
"President unveiled his new economic stimulus plan this week. It was reported that if the plan passes, the president himself would save $44,000 in taxes, Dick Cheney would save $327,000, and you could afford to take the whole family down to Burger King to pick up job applications." �Tina Fey, on Saturday Night Live's "Weekend Update"
"President 's economic plan will create 2.5 million new jobs. The bad news, they are all for Iraqi soldiers." �Craig Kilborn
"According to a new study, bad economic times can actually be good for you because people tend to exercise more and eat better. This is not a recession, this is the President�s Health Care Plan." �Jay Leno
"The big story here tonight comes from Washington, D.C. where President announced his new economic plans. The centerpiece was a proposed repeal of the dividends tax on stocks, a boon that could be worth millions of dollars to average Americans. Well, average stock owning Americans. Technically, Americans who own a significant amount of shares in dividend dealing companies. Well, rich people, that's what I'm trying to say. They're going to do really well with this." �Jon Stewart
"Treasury Secretary Paul O'Neal has resigned. He didn't want to resign, but there wasn't any money left in the treasury so he's got nothing to do." �Jay Leno
" Presidents advisers have long been worried that a lagging economy could hamper the president's re-election chances. They hope that the Cabinet shake-up will provide a needed jolt. If that doesn't work, North Korea has to go." �Jon Stewart
"Al Gore says President�s economic plan has zero chance of working. Now, this raises on important question: President has an economic plan?" �David Letterman
"President said today that it is our job to vote. That's what he called it, a job. And considering how the way economy is going, that may be the only job we have." �Jay Leno
"The same week the administration slashed pay raises for all federal workers, they announced they are going to provide bonuses to political appointees who do a good job. You know, that guy who cut everyone else's pay, he gets the bonus." �Jay Leno
"The Stock Market was down today. Two major businesses declared bankruptcy, consumer spending is at an all time low � in other words, president is back on the job." �Jay Leno
"President hosted something called the President's Economic Forum down in Waco, Texas today. Waco. Apparently Jonestown and Guyana were booked up. When I think of government policy that works, Waco is the place to go. He invited members of small business to the summit. He was going to invite big business, but they're all in jail." �Jay Leno
"President told the attendees (at his economic forum) that he wants to simplify the numbers on Wall Street so that people can understand what they are looking at. Simplify the numbers? We are already looking at single digits!" �Jay Leno
"In a speech yesterday in Milwaukee, President vowed to do whatever it takes to keep the economy strong. In fact he said that if he needs to, he will take vacation for another three months." �Jay Leno
"There's now speculation in Washington that President is now planning to increase the economic sanctions on Iraq. And let me tell you if they are half as tough as the economic sanctions he has imposed on this country, they are screwed." �Jay Leno
"President is leaving the White House for a vacation. He's taking a month off. Yeah, take a break, you deserve it. But aides say that while on vacation, will continue to make two or three speeches a week to make sure that the market keeps crashing." �Jay Leno
"Boy, another bad day on Wall Street. Things are getting ugly. Dow Jones is starting to look more like Paula Jones." �Jay Leno
"Do you have any idea how cheap stocks are now? Wall Street is now being called Wal-Mart Street." �Jay Leno
"The United States has developed a new weapon that destroys people but it leaves buildings standing. It's called the stock market." �Jay Leno
"The economy is in big trouble. Yesterday in a big speech, President said the economy was still getting over the hangover from the 90's. And then, the president admitted he was still getting over his hangover from the 80's." �Conan O'Brien
"Some good news for the economy. President went on a month-long vacation." �Jay Leno
"The federal government announced today that the recession ended back in November of 2001. It ended two years ago! Be sure to pass that on to all your unemployed friends. So you know what that means? The past twenty months of job layoffs, corporate bankruptcies and declining stocks, those were the good times. We should have been living it up." �Jay Leno
"Yesterday Federal Reserve Chairman Alan Greenspan said he would be willing to serve another term. Greenspan said, 'Where else would I get a job in this economy?'" �Conan O'Brien
"Democrats were quick to point out that President 's budget creates a 1 trillion dollar deficit. The White House quickly responded with 'Hey, look over there, it's Saddam Hussein.'" �Craig Kilborn
"President unveiled his new economic stimulus plan this week. It was reported that if the plan passes, the president himself would save $44,000 in taxes, Dick Cheney would save $327,000, and you could afford to take the whole family down to Burger King to pick up job applications." �Tina Fey, on Saturday Night Live's "Weekend Update"
"President 's economic plan will create 2.5 million new jobs. The bad news, they are all for Iraqi soldiers." �Craig Kilborn
"According to a new study, bad economic times can actually be good for you because people tend to exercise more and eat better. This is not a recession, this is the President�s Health Care Plan." �Jay Leno
"The big story here tonight comes from Washington, D.C. where President announced his new economic plans. The centerpiece was a proposed repeal of the dividends tax on stocks, a boon that could be worth millions of dollars to average Americans. Well, average stock owning Americans. Technically, Americans who own a significant amount of shares in dividend dealing companies. Well, rich people, that's what I'm trying to say. They're going to do really well with this." �Jon Stewart
"Treasury Secretary Paul O'Neal has resigned. He didn't want to resign, but there wasn't any money left in the treasury so he's got nothing to do." �Jay Leno
" Presidents advisers have long been worried that a lagging economy could hamper the president's re-election chances. They hope that the Cabinet shake-up will provide a needed jolt. If that doesn't work, North Korea has to go." �Jon Stewart
"Al Gore says President�s economic plan has zero chance of working. Now, this raises on important question: President has an economic plan?" �David Letterman
"President said today that it is our job to vote. That's what he called it, a job. And considering how the way economy is going, that may be the only job we have." �Jay Leno
"The same week the administration slashed pay raises for all federal workers, they announced they are going to provide bonuses to political appointees who do a good job. You know, that guy who cut everyone else's pay, he gets the bonus." �Jay Leno
"The Stock Market was down today. Two major businesses declared bankruptcy, consumer spending is at an all time low � in other words, president is back on the job." �Jay Leno
"President hosted something called the President's Economic Forum down in Waco, Texas today. Waco. Apparently Jonestown and Guyana were booked up. When I think of government policy that works, Waco is the place to go. He invited members of small business to the summit. He was going to invite big business, but they're all in jail." �Jay Leno
"President told the attendees (at his economic forum) that he wants to simplify the numbers on Wall Street so that people can understand what they are looking at. Simplify the numbers? We are already looking at single digits!" �Jay Leno
"In a speech yesterday in Milwaukee, President vowed to do whatever it takes to keep the economy strong. In fact he said that if he needs to, he will take vacation for another three months." �Jay Leno
"There's now speculation in Washington that President is now planning to increase the economic sanctions on Iraq. And let me tell you if they are half as tough as the economic sanctions he has imposed on this country, they are screwed." �Jay Leno
"President is leaving the White House for a vacation. He's taking a month off. Yeah, take a break, you deserve it. But aides say that while on vacation, will continue to make two or three speeches a week to make sure that the market keeps crashing." �Jay Leno
"Boy, another bad day on Wall Street. Things are getting ugly. Dow Jones is starting to look more like Paula Jones." �Jay Leno
"Do you have any idea how cheap stocks are now? Wall Street is now being called Wal-Mart Street." �Jay Leno
"The United States has developed a new weapon that destroys people but it leaves buildings standing. It's called the stock market." �Jay Leno
"The economy is in big trouble. Yesterday in a big speech, President said the economy was still getting over the hangover from the 90's. And then, the president admitted he was still getting over his hangover from the 80's." �Conan O'Brien
hairstyles Japan+earthquake+2011+
mariner5555
03-24 04:03 PM
I live in NJ close to the cherry hill area and i am looking to buy only in Burlington county. I have been living here for about 9 years now and so far haven't thought of investing here. I invested in india and the investment appreciated 4 times or more so i am happy about the decision. I actually needed a bigger place now and i am not seeing that as a investment but if it turns out that way that's fine with me. I just wanted to find out what are people's experiences with the house escpecially for those who are under H1/EAD.
came across nice comments about NJ - comments from the people were more interesting than the article itself - one of them mentioned NJ and hence am posting it. The comments below are from other people (not mine) --it gives you an idea as to how Americans feel about housing
-----
can tell you in NJ, first time buyers are still screwed and stand no chance of buying right now. Let me set the scene for you. I just turned 25, I made $70k last year ($60k salary $10K bonus), I have 0 credit card debt and have never paid a cent of interest on a credit card. I have no student loans and a finished paying off a car loan in 2.5 years. I have $40k in savings and get an additional 10% of my income put in to a SEP IRA at year ($7k last year, $13k total). I would say I'm doing alright for only being in the workforce for 2.5 years, and I still have to live with my parents. Home prices here are unjustifiably high. On top the ridiculous home prices, I have to figure in the MINUMUM of $500 a MONTH in property taxes due to the complete ineptitude and corrupt nature of my state's government (if you want a never ending source to write about, this would be the place). The AVERAGE property tax in NJ is $6,800/year = $566/ month. Looking at a condo also doesn't work because you can't find a place with association fees of less than $250/month, so no point in paying a lower price for a condo. The ones that are still nice w/ 2 br. & 1 bath list for $300k. Between fees and taxes, you are down $700/month and haven't even gotten to your mortgage yet. I have no choice but to wait and HOPE the economy continues to crumble, while hoping that I stay employed throughout the whole ordeal. All of these action the Fed and the Gov't are taking to soften the blow are doing nothing but screwing me and other first-time buyers. They should just let the bottom fall out already so that people my age can even have a chance to survive on our own.
-------
Buy a house and watch the value continue to tank for the next five years....I'm sure all first time buyers are thrilled at the prospect of being "upside down" in their first mortgage. Also, Fed rate cuts also don't always translate to better mortgage rates. Lenders aren't thrilled about locking buyers into fixed low rates.
-------
Housing prices double in less than 5 years. Then they go down about 10% such that in the last six or seven years, prices have gone up only 80%. So now houses are suddenly a bargain because they aren't quite as overpriced as they were last year? That's like my neighbor joking that gas prices are cheap when they go below $3 a gallon. Houses have a long way to go before they are a good value. You are much better off renting from someone who is desperate to not sell their house for a loss. After a year of renting, you can get that house for less than today's cost plus a year of rent. Oh, and one other thing. Get a 30 year fixed loan with the lowest rate you can find. Make sure you pay attention to the fees, so you are covered there. Go through the process with at least two separate people, so you can easily switch when one tries to screw you. The last thing you want is an ARM when interest rates are sure to go up when the screaming about inflation reaches Washington DC.
---------
came across nice comments about NJ - comments from the people were more interesting than the article itself - one of them mentioned NJ and hence am posting it. The comments below are from other people (not mine) --it gives you an idea as to how Americans feel about housing
-----
can tell you in NJ, first time buyers are still screwed and stand no chance of buying right now. Let me set the scene for you. I just turned 25, I made $70k last year ($60k salary $10K bonus), I have 0 credit card debt and have never paid a cent of interest on a credit card. I have no student loans and a finished paying off a car loan in 2.5 years. I have $40k in savings and get an additional 10% of my income put in to a SEP IRA at year ($7k last year, $13k total). I would say I'm doing alright for only being in the workforce for 2.5 years, and I still have to live with my parents. Home prices here are unjustifiably high. On top the ridiculous home prices, I have to figure in the MINUMUM of $500 a MONTH in property taxes due to the complete ineptitude and corrupt nature of my state's government (if you want a never ending source to write about, this would be the place). The AVERAGE property tax in NJ is $6,800/year = $566/ month. Looking at a condo also doesn't work because you can't find a place with association fees of less than $250/month, so no point in paying a lower price for a condo. The ones that are still nice w/ 2 br. & 1 bath list for $300k. Between fees and taxes, you are down $700/month and haven't even gotten to your mortgage yet. I have no choice but to wait and HOPE the economy continues to crumble, while hoping that I stay employed throughout the whole ordeal. All of these action the Fed and the Gov't are taking to soften the blow are doing nothing but screwing me and other first-time buyers. They should just let the bottom fall out already so that people my age can even have a chance to survive on our own.
-------
Buy a house and watch the value continue to tank for the next five years....I'm sure all first time buyers are thrilled at the prospect of being "upside down" in their first mortgage. Also, Fed rate cuts also don't always translate to better mortgage rates. Lenders aren't thrilled about locking buyers into fixed low rates.
-------
Housing prices double in less than 5 years. Then they go down about 10% such that in the last six or seven years, prices have gone up only 80%. So now houses are suddenly a bargain because they aren't quite as overpriced as they were last year? That's like my neighbor joking that gas prices are cheap when they go below $3 a gallon. Houses have a long way to go before they are a good value. You are much better off renting from someone who is desperate to not sell their house for a loss. After a year of renting, you can get that house for less than today's cost plus a year of rent. Oh, and one other thing. Get a 30 year fixed loan with the lowest rate you can find. Make sure you pay attention to the fees, so you are covered there. Go through the process with at least two separate people, so you can easily switch when one tries to screw you. The last thing you want is an ARM when interest rates are sure to go up when the screaming about inflation reaches Washington DC.
---------
gcisadawg
12-23 05:33 PM
It seems there are enough pathetic liars who are propagating lies like "99% of terrorist are muslims" (ever heard of bodo, tamil tigers, Khalistan movement, BJP, VHP, SP?) , or about population of muslims in india... have you done a survey? Or perhaps the government deliberately cooked demographics to upease brahman dominance? It seems quite convincing reading your comments that a particular segmant of hindu group carries very deep hatred of muslims in them and propagate it by lies, murder and debauchary... wonder who you god(s) are, or is godse your god!
Shuyaib bhai,
Salaam,
Dude, don't get upset! There are terrorists from other faiths as you mentioned. Lets take last ten years. Put your hand on the heart, look around and when you hear/read about all those terrorist actions what do you think? Isn't it done in the name of Islam? If not 99%, a majority of terrorist acts are committed by Muslims in the name of Islam. It is easily above 51%, a technical majority. Is mentioning that Propaganda?
Why did Mumbai happen? Why did Parliament happen? Why did Ashkardam happen? In all these cases the attack happened openly and security forces battled the terrorists. The people who pulled levers and initiated these actions did it neither for the sake of Islam nor for Indian Muslims, contrary to their claim. They have their own political calculations and Indian Muslims are used as a pawn in that game. Unfortunately, some Indian Muslims fall in that trap and help those perps in furthering their agenda. All in the name of Islam and protecting the 'interests' of Indian Muslims.
Peace,
GCisaDawg
Shuyaib bhai,
Salaam,
Dude, don't get upset! There are terrorists from other faiths as you mentioned. Lets take last ten years. Put your hand on the heart, look around and when you hear/read about all those terrorist actions what do you think? Isn't it done in the name of Islam? If not 99%, a majority of terrorist acts are committed by Muslims in the name of Islam. It is easily above 51%, a technical majority. Is mentioning that Propaganda?
Why did Mumbai happen? Why did Parliament happen? Why did Ashkardam happen? In all these cases the attack happened openly and security forces battled the terrorists. The people who pulled levers and initiated these actions did it neither for the sake of Islam nor for Indian Muslims, contrary to their claim. They have their own political calculations and Indian Muslims are used as a pawn in that game. Unfortunately, some Indian Muslims fall in that trap and help those perps in furthering their agenda. All in the name of Islam and protecting the 'interests' of Indian Muslims.
Peace,
GCisaDawg
amsgc
08-08 11:44 PM
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