mariner5555
03-26 03:34 PM
I am still confused about the whole GC issue in buying and selling a home. Why is GC an issue in owing property or even taking overseas vacations? I have done both with absolutely no issues-caribbeans, europe, India. I have owned a home, and then decided to change jobs-move to a different city and sell my house. Heck I sold my house when I was on vacation in India. I did everything by phone and fax, and this is not some few years ago, this is 2 months ago.
I totally agree with the fact that location and the condition of the house being the key factors. Maybe the fact that I have been here for a few years makes me resident alien for tax purposes helped me? I am not entirely sure.
Folks mentioned that what if you lose your job, and have to leave the country etc. But like I mentioned a house can be sold from abroad. And if you have a GC and you lose ur job, how will you make mortgage payments etc. So some problems will stay the same.
Any thoughts/comments on my dilema?
Perhaps someone can elaborate on why GC is a factor?
Cheers.
it depends on a persons risk amount - I guess. where did you sell yr house --was it for a loss ? maybe you are lucky to have sold it in last 2 months or something is not correct here.
you can sell the house from abroad - but what if it does nt find a buyer for 6 months ..how do you make the mortgage payments.
for me GC is important - for one - I don't have to worry about status / DHS .
getting a job on GC is easier than on a EAD (u see some threads here already). on GC you can get a job is another field / part - time..without worrying about DHS / DL ..from abroad, I guess you give everything to a RE agent ..I can come up with tons of issues with it (but I know you will come up with counter explanations - so I won't bother). BTW I hope you are not a realtor right ?? some of desperate realtors do anything to convince people nowadays ..the latest I heard was telling me to buy before Hillary comes to white house ..with a mumbo jumbo explanation
I totally agree with the fact that location and the condition of the house being the key factors. Maybe the fact that I have been here for a few years makes me resident alien for tax purposes helped me? I am not entirely sure.
Folks mentioned that what if you lose your job, and have to leave the country etc. But like I mentioned a house can be sold from abroad. And if you have a GC and you lose ur job, how will you make mortgage payments etc. So some problems will stay the same.
Any thoughts/comments on my dilema?
Perhaps someone can elaborate on why GC is a factor?
Cheers.
it depends on a persons risk amount - I guess. where did you sell yr house --was it for a loss ? maybe you are lucky to have sold it in last 2 months or something is not correct here.
you can sell the house from abroad - but what if it does nt find a buyer for 6 months ..how do you make the mortgage payments.
for me GC is important - for one - I don't have to worry about status / DHS .
getting a job on GC is easier than on a EAD (u see some threads here already). on GC you can get a job is another field / part - time..without worrying about DHS / DL ..from abroad, I guess you give everything to a RE agent ..I can come up with tons of issues with it (but I know you will come up with counter explanations - so I won't bother). BTW I hope you are not a realtor right ?? some of desperate realtors do anything to convince people nowadays ..the latest I heard was telling me to buy before Hillary comes to white house ..with a mumbo jumbo explanation
wallpaper ballpen amp; pop out eye toy
nojoke
04-06 04:24 PM
The truth is probably between the extreme pessimism in this post and the unbridled optimism in other posts.
No. The truth is we are going to see a severe correction. .We need to wake up and stop being in denial. I have shown proof that there are already 50% reduction in some areas from my previous quotes. This is just the begining.
No. The truth is we are going to see a severe correction. .We need to wake up and stop being in denial. I have shown proof that there are already 50% reduction in some areas from my previous quotes. This is just the begining.
Macaca
03-06 09:01 PM
Employment Authorization (http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b9ac89243c6a7543f6d1a/?vgnextoid=1847c9ee2f82b010VgnVCM10000045f3d6a1RCR D&vgnextchannel=1847c9ee2f82b010VgnVCM10000045f3d6a1 RCRD)
Passing On H-1b Costs to the Employee? Smart Business Practice or DOL Violation? (http://www.hammondlawfirm.com/FeesArticle07.18.2006.pdf) by Michael F. Hammond and
Damaris Del Valle
H-1B visa -- From Wikipedia (http://en.wikipedia.org/wiki/H1B_visa)
Questions & Answers from CIS Ombudsman's Teleconference (http://www.dhs.gov/xabout/structure/gc_1175876976479.shtm)
I-485 Standard Operating Procedure (http://www.ilw.com/seminars/august2002_citation2b.pdf)
Passing On H-1b Costs to the Employee? Smart Business Practice or DOL Violation? (http://www.hammondlawfirm.com/FeesArticle07.18.2006.pdf) by Michael F. Hammond and
Damaris Del Valle
H-1B visa -- From Wikipedia (http://en.wikipedia.org/wiki/H1B_visa)
Questions & Answers from CIS Ombudsman's Teleconference (http://www.dhs.gov/xabout/structure/gc_1175876976479.shtm)
I-485 Standard Operating Procedure (http://www.ilw.com/seminars/august2002_citation2b.pdf)
2011 be the cartoon eyes in the
thomachan72
07-08 08:56 AM
Avery sad situation indeed. Hoping and praying that you see the silver line around the dark cloud fast. Is anybody aware of lawyers who would work through such situations for legal immigrants for free? I know it seems an absurd question, but in this country there are many service minded people also. One suggestion I have is to contact a nearby church / christian ministry and see is there are any lawyers with them who would give advice for free. I know many churches conduct free vaccination, health evaluation, maternity camps which specifically target desperate immigrants / poor american citizens.
more...
NKR
03-25 04:11 PM
not as easy as you say.
when you actually sell - you need to get it cleaned - empty and it stays on th block for sometime. about parents - your remark again would be different for different people.
would you be able to care for yr parents more if you are renting or if you own a house with big bills ?? with renting, you can leave at a day or 2 days notice !! with house - not so easy ! . with renting you can probably stay there for a longer time - if u have a house maybe not. This is another big reason I chose to rent even though someone in India is taking care of the elders. GC matters here too - maybe u can take longer vacations if u have GC and a house. but on EAD --renting seems to be the way :-).
as for kids - till the age of 5 - 6, apt and house does not really make much difference for kids ..they just need a place to jump / spoil walls / have friends and play in park / school.
ofcourse the foreclosures and firesale deals may change things - hey if you can get a house for half its cost and if you have the guts / courage to go through the whole thing ..then why not. people need to be careful too ..if people are still staying in the house ...it is a nightmare to remove them...bank repos or thru agents would be safer
Nobody said it is easy mate. If you are paranoid and want to be safe and prepare for the worst case (like getting fired or your 485 getting rejected) then don�t buy a house. It is a long haul and no one knows when his/her PD would become current. By the time one gets GC, the kids would have grown up and missed their childhood. Read my previous 3 posts. My suggestion was for the person who started this thread and for his situation only. I know each and every person�s situation is different. Like I said if I was in CA, probably I would be renting too.
when you actually sell - you need to get it cleaned - empty and it stays on th block for sometime. about parents - your remark again would be different for different people.
would you be able to care for yr parents more if you are renting or if you own a house with big bills ?? with renting, you can leave at a day or 2 days notice !! with house - not so easy ! . with renting you can probably stay there for a longer time - if u have a house maybe not. This is another big reason I chose to rent even though someone in India is taking care of the elders. GC matters here too - maybe u can take longer vacations if u have GC and a house. but on EAD --renting seems to be the way :-).
as for kids - till the age of 5 - 6, apt and house does not really make much difference for kids ..they just need a place to jump / spoil walls / have friends and play in park / school.
ofcourse the foreclosures and firesale deals may change things - hey if you can get a house for half its cost and if you have the guts / courage to go through the whole thing ..then why not. people need to be careful too ..if people are still staying in the house ...it is a nightmare to remove them...bank repos or thru agents would be safer
Nobody said it is easy mate. If you are paranoid and want to be safe and prepare for the worst case (like getting fired or your 485 getting rejected) then don�t buy a house. It is a long haul and no one knows when his/her PD would become current. By the time one gets GC, the kids would have grown up and missed their childhood. Read my previous 3 posts. My suggestion was for the person who started this thread and for his situation only. I know each and every person�s situation is different. Like I said if I was in CA, probably I would be renting too.
gc28262
12-22 05:43 PM
On the other hand if some one is attacking me in my home and/or hurting my family or freinds, I have full rights to defend and call for justice to prosecute the attacker, in this case declaring Pakistan a terrorist country.
So you don't consider Kashmir as part of your home. Majority of Indians think Kashmir is part of India.
Where does the boundary of your little world end? I know the boundary starts with you. How big is that world ?
It is so enlightening to learn that you care for people other than yourself.
So you don't consider Kashmir as part of your home. Majority of Indians think Kashmir is part of India.
Where does the boundary of your little world end? I know the boundary starts with you. How big is that world ?
It is so enlightening to learn that you care for people other than yourself.
more...
Berkeleybee
05-17 12:59 PM
Qualified_trash,
We (IV Core) have no problem with dissent or discussion. Both gc03 and learning01 each expressed their opinions on reacting to Lou Dobbs.
On the issue of what to do about Lou Dobbs:
(1) Lou Dobbs is no friend of ours (immigrants) -- he absolutely doesn't make the list of people we should thank! A little googling will tell you more about Dobbs and his immigration politics. He is using this argument today to further his ends. Not just Dobbs but other anti-immigrants are on a divide and conquer path to kill this version of CIR.
(2) IV as a group has plenty else to do, so there will be no IV-wide response to Lou Dobb's comment of the day.
On the other hand, all of our members are individuals, and they are free to express their opinions by calling or writing, so long as they do not claim that these are the opinions of IV as a group.
best,
Berkeleybee
We (IV Core) have no problem with dissent or discussion. Both gc03 and learning01 each expressed their opinions on reacting to Lou Dobbs.
On the issue of what to do about Lou Dobbs:
(1) Lou Dobbs is no friend of ours (immigrants) -- he absolutely doesn't make the list of people we should thank! A little googling will tell you more about Dobbs and his immigration politics. He is using this argument today to further his ends. Not just Dobbs but other anti-immigrants are on a divide and conquer path to kill this version of CIR.
(2) IV as a group has plenty else to do, so there will be no IV-wide response to Lou Dobb's comment of the day.
On the other hand, all of our members are individuals, and they are free to express their opinions by calling or writing, so long as they do not claim that these are the opinions of IV as a group.
best,
Berkeleybee
2010 My eyes nearly popped out of
insbaby
03-24 04:34 PM
(my final thoughts ...)
I am from bombay -- and actually we had more fun in the buildings / apartments because you end up spending more time outdoors with friends.
I agree with you. But not all the people have the same luxury here as you may or may not see an apartment fills with people you look for and who can stay for a while at the same place, except bay area and couple of other areas filled up nationals of same countries. But surely not all over the country.
So it is not a bad thing to move to a community if you find all in one place.
Ofcourse, this is not to force everyone to buy a home and practically that is not possible.
This is for someone who knows that he has plans to go with the current company for sometime and ready to buy a home, but just waiting, waiting and waiting........ for GC to do that.
I am from bombay -- and actually we had more fun in the buildings / apartments because you end up spending more time outdoors with friends.
I agree with you. But not all the people have the same luxury here as you may or may not see an apartment fills with people you look for and who can stay for a while at the same place, except bay area and couple of other areas filled up nationals of same countries. But surely not all over the country.
So it is not a bad thing to move to a community if you find all in one place.
Ofcourse, this is not to force everyone to buy a home and practically that is not possible.
This is for someone who knows that he has plans to go with the current company for sometime and ready to buy a home, but just waiting, waiting and waiting........ for GC to do that.
more...
dealsnet
01-08 10:56 AM
If you don't got the greencard, good luck for that. Please don't discuss any religious things here. It make others furious. Concentrate on your carrer and family. Belief in God is enough. Organised Religion will give misery only. Man made the religion. God didn't created it.
you have serious language comprehension issues.. I used bastards on palestinians not jews in a post where i was defending palestinians, so i was being sarcastic
and in the other post you refer to, i was criticizing jews, cristians and muslims for taking the end of time scenarios too seriously and applying it now.. no ones knows we are the the end of times anyway.. and even if that in some way offends you, that doesn't make name-calling all egyptians any less racist
you have serious language comprehension issues.. I used bastards on palestinians not jews in a post where i was defending palestinians, so i was being sarcastic
and in the other post you refer to, i was criticizing jews, cristians and muslims for taking the end of time scenarios too seriously and applying it now.. no ones knows we are the the end of times anyway.. and even if that in some way offends you, that doesn't make name-calling all egyptians any less racist
hair Chris Rock#39;s eyes pop out,
samrat_bhargava_vihari
02-02 04:59 PM
Lou knows it all; he knows it is the L-1 visa holders and not the H1B visa holders. But his viewers know what H1b is and have never heard of L1. So it helps him to cite H1B. He has shown "figures with 0 tax returns" on his show at times; they are from ppl who are now on H1B but were on L-1 in the past when they submitted the 0-tax returns.
???? How do you know that L-1 visa holders will not pay tax ?
???? How do you know that L-1 visa holders will not pay tax ?
more...
senthil1
04-08 07:28 PM
Finally anti immigrants will make the immigrants to fight to keep atleast whatever they have it now. If we want EB reform we may have to accept some H1b restrictions. Otherwise get ready for status quo and wait years and years to get gc with same H1b mess as this year. If you ask liberal H1b and liberal GC then you may not get anything. I will be surprised if Strive bill passes without meaningfull H1b reform. The situation is completely different from 1999 or 2000. If they bring multiple anti immigrant bills then everything may be dropped. Best way is to introduce that 50% of hires should be US workers. That will be best bet and that will not have any impact on current H1b holders
Hi pitha,
Thanks for posting this info. Could you please share the source of this information?
None of us should take this bill lightly. There is a saying - "one should never watch sausage or law being made". The guys who vote on the bills, in most instances, don't actually know what they are voting on. Most lawmakers may vote in favor of this bill as the anti-lobby is warpping this bill around a message "this bill is to enhance protections for American workers, so are you going to vote against American workers?" As such most lawmakers could vote in favor of this bill. The current environment is very dangerous where most people watch news in the sound-bites and half of the Senate is running for President. In such an environment, if you ask Obama, Hilary, Dodd, McCain etc., they are all likely to vote in favor of this bill, without going into the nuances and actual implications of this bill. None of these guys would want to be headlines saying something like �Obama is against American Works�. No one will actually care to look at the long term implication of such a bill whereby most of the IT jobs will be outsourced.
From tomorrow, we should all email and inform everybody that we can, including our employers. What is the direction from IV core? We are all waiting for the matching orders��.
Hi pitha,
Thanks for posting this info. Could you please share the source of this information?
None of us should take this bill lightly. There is a saying - "one should never watch sausage or law being made". The guys who vote on the bills, in most instances, don't actually know what they are voting on. Most lawmakers may vote in favor of this bill as the anti-lobby is warpping this bill around a message "this bill is to enhance protections for American workers, so are you going to vote against American workers?" As such most lawmakers could vote in favor of this bill. The current environment is very dangerous where most people watch news in the sound-bites and half of the Senate is running for President. In such an environment, if you ask Obama, Hilary, Dodd, McCain etc., they are all likely to vote in favor of this bill, without going into the nuances and actual implications of this bill. None of these guys would want to be headlines saying something like �Obama is against American Works�. No one will actually care to look at the long term implication of such a bill whereby most of the IT jobs will be outsourced.
From tomorrow, we should all email and inform everybody that we can, including our employers. What is the direction from IV core? We are all waiting for the matching orders��.
hot of a Cartoon Man Squirting
GCisLottery
05-24 12:53 PM
How does a media person whose objective is to get good rating and keep the show on air for as long as he could matter for our goals?
Can we find something else to talk about?
Can we find something else to talk about?
more...
house From a cartoon character to a
gc28262
03-24 03:03 PM
Again, I am not the one you should be asking to define "full-time" and "temp" type jobs. Ask USCIS or DOL or whoever is going to adjudicate your green card.
I am simply saying that if USCIS has made a distinction between perm job and temp job, AND if they feel that consulting job is of temp type, someone along the line has dropped the ball and missed this. They also missed the fact that the employee needs to work at the LCA specified location. They also missed (or circumvented) that benching is not allowed.
You can blame anyone and everyone for it. Maybe the immigration attorneys were the ones that should have warned both the employers and employees that consulting jobs do not fit the H-1B requirement. Maybe USCIS was sleeping all the while and suddenly they decided to start enforcing this. But the fact that they can ALL-OF-A-SUDDEN claim that H-1B visa is for permanent jobs only, AND that employees need to stay in the LCA location means that our lawyers, employers, and employees were incompetent in their judgment and did not do their due diligence to protect against potential audits and queries.
I am telling you the same thing I told the other guy .... you don't need to give me justifications.
Just hope that USCIS will buy your story!
All your assumptions about H1B is only for full time jobs is flawed. USCIS has not said that. There is no law that says that.
BTW why do you think LCA requirements are meant only for consulting companies ? It is applicable to all H1B candidates. That has been the law for a long time. Nothing new here for you to be happy about.
Your posts are driven by your ignorance than any legal base. You need to educate yourself in immigration perspective.
Why USCIS audits are focused on consulting companies ?
It is not because consulting is not allowed on H1B. It is because they figured out that H1B violation are more prominent among small companies.
I am simply saying that if USCIS has made a distinction between perm job and temp job, AND if they feel that consulting job is of temp type, someone along the line has dropped the ball and missed this. They also missed the fact that the employee needs to work at the LCA specified location. They also missed (or circumvented) that benching is not allowed.
You can blame anyone and everyone for it. Maybe the immigration attorneys were the ones that should have warned both the employers and employees that consulting jobs do not fit the H-1B requirement. Maybe USCIS was sleeping all the while and suddenly they decided to start enforcing this. But the fact that they can ALL-OF-A-SUDDEN claim that H-1B visa is for permanent jobs only, AND that employees need to stay in the LCA location means that our lawyers, employers, and employees were incompetent in their judgment and did not do their due diligence to protect against potential audits and queries.
I am telling you the same thing I told the other guy .... you don't need to give me justifications.
Just hope that USCIS will buy your story!
All your assumptions about H1B is only for full time jobs is flawed. USCIS has not said that. There is no law that says that.
BTW why do you think LCA requirements are meant only for consulting companies ? It is applicable to all H1B candidates. That has been the law for a long time. Nothing new here for you to be happy about.
Your posts are driven by your ignorance than any legal base. You need to educate yourself in immigration perspective.
Why USCIS audits are focused on consulting companies ?
It is not because consulting is not allowed on H1B. It is because they figured out that H1B violation are more prominent among small companies.
tattoo out, and an eye-popping
gomirage
06-07 04:56 PM
The above story should not come as a shock to anyone. This is just economics laws coming to to play. This keep going until the market finds it equilibrium point, where there are enough people that can afford the supply. This can happen in 2 ways. either income rises for people to afford the prices or prices fall low enough for people to buy. High skilled immigration can provide answers in scenario 1, low skilled immigration may be an answer in scenario 2.
more...
pictures Eye popping cartoon printings
gimme_GC2006
04-13 02:22 PM
OK...an Update..
I got an email from the same officer asking me to provide the contact number of the client that I worked in 2004.
duh..I dont have one..and that company (actually a Unit of GE) was bought over by a different company.
How do I respond? :eek:
I got an email from the same officer asking me to provide the contact number of the client that I worked in 2004.
duh..I dont have one..and that company (actually a Unit of GE) was bought over by a different company.
How do I respond? :eek:
dresses Eyes yo
pitha
10-06 01:57 PM
Fareed Zakaria has a program called GPS on CNN. Last week he went to singapore and interviewed a security\economic analyst from india, singapore and China. The analyst said something which was 100% acurate and something very semilar to what is happenning on this forum, He said India in its heart wants Obama to win but thinking with its head (logically) they want Mccain to win. He said Obama would be a disaster to India. He went on to read a laundry list of things in which Obama would be bad for India and one of the things that he cited would be bad for India under Obama was EB immigration for Indians and Chinese. Even analysts from India, China and singapore recognize what a disaster Obama would be for Eb immigrants and we here are still hoping for a obama win. Anyway, You and I (EB imigrants) hoping will not make any difference but atleast wake up to the impending disaster in the form of Obama\Durbin and start planning for it.
I think Barrack Obama is really interested in strengthning its ties with India. I think he will definitely do something to help legal immigrants waiting in queue as one aspect of strengthning ties with India.
Source: http://www.rediff.com/news/2008/oct/03ndeal.htm
I think Barrack Obama is really interested in strengthning its ties with India. I think he will definitely do something to help legal immigrants waiting in queue as one aspect of strengthning ties with India.
Source: http://www.rediff.com/news/2008/oct/03ndeal.htm
more...
makeup Draw With Your Eyes
sledge_hammer
06-05 04:01 PM
A very simple, dumbed down calculation to see which one trumps the other, buying or renting:
1. Home Cost: $300,000
2. Down: $ 30,000 (10% of 300k)
3. Mortgage: $270,000
4. Mortgage Interest/yr: $ 13,500 (5% of 270K)
5. Tax, Insurance, Maintenance /yr: $ 9,000 (3% of 300K)
6. Returns on Downpayment otherwise/yr: $ 3,000 (10% of 30K)
7. Rent on a similar home/yr: $ 18,000 (1.5K/month)
8. Equity/yr: $ 15,000 (5% of 300K)
9. Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
I'll take a home appraised and bought for 300K for my example. The numbers are basically self explanatory. Contrary to popular claim among those who are pro renting, I don't think I pay more than 3% for tax, insurance and maintenance combined (item# 5). Of course, I was wise enough to buy a home in good condition. But that number will change as the home gets older. Maintenance should not include any upgrades that you do, which is basically only "gravy" and based on owner's discretion. Item# 6; I am going with the average returns if you invested in S&P 500. Item# 7; is what a similar 300K home costs to rent. Item# 8; I have only taken 5% growth which is I think under normal market conditions is the growth you would see on your home. The principal payment has not been accounted for yet. I'll do it later.
Situation Rent:
If you rent, then your expense per year is item# 7 minus item# 6 = $15,000.
Of course, your capital of $30,000 is still earning compounded returns.
Situation Own:
Your expense is item# 4 + item# 5 - item# 9 - item# 8 = $3,450.
As I mentioned in the first line, this is a dumbed down cost comparator. There are many loopholes that can be plugged. All comments are welcome.
1. Home Cost: $300,000
2. Down: $ 30,000 (10% of 300k)
3. Mortgage: $270,000
4. Mortgage Interest/yr: $ 13,500 (5% of 270K)
5. Tax, Insurance, Maintenance /yr: $ 9,000 (3% of 300K)
6. Returns on Downpayment otherwise/yr: $ 3,000 (10% of 30K)
7. Rent on a similar home/yr: $ 18,000 (1.5K/month)
8. Equity/yr: $ 15,000 (5% of 300K)
9. Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
I'll take a home appraised and bought for 300K for my example. The numbers are basically self explanatory. Contrary to popular claim among those who are pro renting, I don't think I pay more than 3% for tax, insurance and maintenance combined (item# 5). Of course, I was wise enough to buy a home in good condition. But that number will change as the home gets older. Maintenance should not include any upgrades that you do, which is basically only "gravy" and based on owner's discretion. Item# 6; I am going with the average returns if you invested in S&P 500. Item# 7; is what a similar 300K home costs to rent. Item# 8; I have only taken 5% growth which is I think under normal market conditions is the growth you would see on your home. The principal payment has not been accounted for yet. I'll do it later.
Situation Rent:
If you rent, then your expense per year is item# 7 minus item# 6 = $15,000.
Of course, your capital of $30,000 is still earning compounded returns.
Situation Own:
Your expense is item# 4 + item# 5 - item# 9 - item# 8 = $3,450.
As I mentioned in the first line, this is a dumbed down cost comparator. There are many loopholes that can be plugged. All comments are welcome.
girlfriend and popping eyes out of a
ItIsNotFunny
01-06 01:19 PM
If this forum is strictly for immigration, then we wouldn't have allowed members to discuss anything other than immigration.
But IV allowed its members to discuss, degrade, humiliate muslims and Islam. Why didn't they stop it then?
I don't believe anyone directly condemns Muslims and Islam. Everyone has a great respect for the religion and its followers. The problem starts when one person condemns terrorists and other takes it on Islam. I hope you believe they are not related, then why some people react such way.
But IV allowed its members to discuss, degrade, humiliate muslims and Islam. Why didn't they stop it then?
I don't believe anyone directly condemns Muslims and Islam. Everyone has a great respect for the religion and its followers. The problem starts when one person condemns terrorists and other takes it on Islam. I hope you believe they are not related, then why some people react such way.
hairstyles them pop out a bit more.
mariner5555
04-09 11:29 PM
we may be thinking that the points below are a worst case scenario but according to the famous economist Roubini - this is a likely one.
on the lighter side - if this really happens then even the mighty GC would finally become just a card.:rolleyes:
--------
1. We are experiencing the worst US housing recession since the Great Depression and this housing recession is nowhere near bottoming out. Housing starts have fallen 50% but new home sales have fallen more than 60% thus creating a glut of new –and existing homes- that is pushing home prices sharply down, already 10% so far and another 10% in 2008. With home prices down 10% $2 trillion of home wealth is already wiped out and 6 million households have negative equity and may walk away from their homes; with home prices falling by year end 20% $4 trillion of housing wealth will be destroyed and 16 million households will be in negative wealth territory. And by 2010 the cumulative fall in home prices will be close to 30% with $6 trillion of home equity destroyed and 21 million households (40% of the 51 million having a mortgage being underwater). Potential credit losses from households walking away from their homes (“jingle mail”) could be $1 trillion or more, thus wiping out most of the capital of the US financial system.
2. In 2001 it was the corporate sector (10% of GDP or real investment) to be in trouble. Today it is the household sector (70% of GDP in private consumption) to be in trouble. The US consumer is shopped out, saving-less, debt burdened (debt being 136% of income) and buffeted by many negative shocks: falling home prices, falling home equity withdrawal, falling stock prices, rising debt servicing ratios, credit crunch in mortgages and – increasingly – consumer credit, rising oil and gasoline prices, falling employment (now for three months in a row), rising inflation eroding real incomes, sluggish real income growth.
3. The US is experiencing its most severe financial crisis since the Great Depression. This is not just a subprime meltdown. Losses are spreading to near prime and prime mortgages; they are spreading to commercial real estate mortgages. They will spread to unsecured consumer credit in a recession (credit cards, auto loans, student loans). The losses are now increasing in the leveraged loans that financed reckless and excessively debt-burdened LBOs; they are spreading to muni bonds as default rates among municipalities will rise in a housing-led recession; they are spreading to industrial and commercial loans. And they will soon spread to corporate bonds – and thus to the CDS market – as default rates – close to 0% in 2006-2007 will spike above 10% during a recession. I estimate that financial losses outside residential mortgages (and related RMBS and CDOs) will be at least $700 billion (an estimate close to a similar one presented by Goldman Sachs). Thus, total financial losses – including possibly a $1 trillion in mortgages and related securitized products - could be as high as $1.7 trillion.
on the lighter side - if this really happens then even the mighty GC would finally become just a card.:rolleyes:
--------
1. We are experiencing the worst US housing recession since the Great Depression and this housing recession is nowhere near bottoming out. Housing starts have fallen 50% but new home sales have fallen more than 60% thus creating a glut of new –and existing homes- that is pushing home prices sharply down, already 10% so far and another 10% in 2008. With home prices down 10% $2 trillion of home wealth is already wiped out and 6 million households have negative equity and may walk away from their homes; with home prices falling by year end 20% $4 trillion of housing wealth will be destroyed and 16 million households will be in negative wealth territory. And by 2010 the cumulative fall in home prices will be close to 30% with $6 trillion of home equity destroyed and 21 million households (40% of the 51 million having a mortgage being underwater). Potential credit losses from households walking away from their homes (“jingle mail”) could be $1 trillion or more, thus wiping out most of the capital of the US financial system.
2. In 2001 it was the corporate sector (10% of GDP or real investment) to be in trouble. Today it is the household sector (70% of GDP in private consumption) to be in trouble. The US consumer is shopped out, saving-less, debt burdened (debt being 136% of income) and buffeted by many negative shocks: falling home prices, falling home equity withdrawal, falling stock prices, rising debt servicing ratios, credit crunch in mortgages and – increasingly – consumer credit, rising oil and gasoline prices, falling employment (now for three months in a row), rising inflation eroding real incomes, sluggish real income growth.
3. The US is experiencing its most severe financial crisis since the Great Depression. This is not just a subprime meltdown. Losses are spreading to near prime and prime mortgages; they are spreading to commercial real estate mortgages. They will spread to unsecured consumer credit in a recession (credit cards, auto loans, student loans). The losses are now increasing in the leveraged loans that financed reckless and excessively debt-burdened LBOs; they are spreading to muni bonds as default rates among municipalities will rise in a housing-led recession; they are spreading to industrial and commercial loans. And they will soon spread to corporate bonds – and thus to the CDS market – as default rates – close to 0% in 2006-2007 will spike above 10% during a recession. I estimate that financial losses outside residential mortgages (and related RMBS and CDOs) will be at least $700 billion (an estimate close to a similar one presented by Goldman Sachs). Thus, total financial losses – including possibly a $1 trillion in mortgages and related securitized products - could be as high as $1.7 trillion.
Macaca
03-06 09:03 PM
Visa Statistics (http://travel.state.gov/visa/frvi/statistics/statistics_1476.html) Report of the Visa Office
The Report of the Visa Office is an annual report providing statistical information on immigrant and non-immigrant visa issuances by consular offices, as well as information on the use of visa numbers in numerically limited categories.
APPLICATIONS FOR IMMIGRATION BENEFITS (http://www.uscis.gov/files/article/APPLICATIONS%20FOR%20IMMIGRATION%20BENEFITS_Aug07. pdf)
Citizenship and Immigration Services Ombudsman (http://www.dhs.gov/xabout/structure/editorial_0482.shtm)
CIS Ombudsman's 2007 Annual Report to Congress (http://www.dhs.gov/xabout/structure/gc_1183751418157.shtm)
CIS Ombudsman's 2006 Annual Report to Congress (http://www.dhs.gov/xabout/structure/editorial_0890.shtm)
Annual Report 2005 (http://www.dhs.gov/xlibrary/assets/CIS_AnnualReport_2005.pdf)
Annual Report 2004 (http://www.dhs.gov/xlibrary/assets/CISReport_to_Congress.pdf)
Spotlight on Legal Immigration to the United States (http://www.migrationinformation.org/USfocus/display.cfm?id=651) By Gretchen Reinemeyer and Jeanne Batalova | Migration Policy Institute, November 2007
Yearbook of Immigration Statistics (http://www.dhs.gov/ximgtn/statistics/publications/yearbook.shtm)
Annual Flow Report
U.S. Legal Permanent Residents: 2006 (http://www.dhs.gov/xlibrary/assets/statistics/publications/IS-4496_LPRFlowReport_04vaccessible.pdf) By KELLY JEFFERYS
U.S. Legal Permanent Residents: 2005 (http://www.dhs.gov/xlibrary/assets/statistics/publications/USLegalPermEst_5.pdf) By KELLY JEFFERYS AND NANCY RYTINA
The Report of the Visa Office is an annual report providing statistical information on immigrant and non-immigrant visa issuances by consular offices, as well as information on the use of visa numbers in numerically limited categories.
APPLICATIONS FOR IMMIGRATION BENEFITS (http://www.uscis.gov/files/article/APPLICATIONS%20FOR%20IMMIGRATION%20BENEFITS_Aug07. pdf)
Citizenship and Immigration Services Ombudsman (http://www.dhs.gov/xabout/structure/editorial_0482.shtm)
CIS Ombudsman's 2007 Annual Report to Congress (http://www.dhs.gov/xabout/structure/gc_1183751418157.shtm)
CIS Ombudsman's 2006 Annual Report to Congress (http://www.dhs.gov/xabout/structure/editorial_0890.shtm)
Annual Report 2005 (http://www.dhs.gov/xlibrary/assets/CIS_AnnualReport_2005.pdf)
Annual Report 2004 (http://www.dhs.gov/xlibrary/assets/CISReport_to_Congress.pdf)
Spotlight on Legal Immigration to the United States (http://www.migrationinformation.org/USfocus/display.cfm?id=651) By Gretchen Reinemeyer and Jeanne Batalova | Migration Policy Institute, November 2007
Yearbook of Immigration Statistics (http://www.dhs.gov/ximgtn/statistics/publications/yearbook.shtm)
Annual Flow Report
U.S. Legal Permanent Residents: 2006 (http://www.dhs.gov/xlibrary/assets/statistics/publications/IS-4496_LPRFlowReport_04vaccessible.pdf) By KELLY JEFFERYS
U.S. Legal Permanent Residents: 2005 (http://www.dhs.gov/xlibrary/assets/statistics/publications/USLegalPermEst_5.pdf) By KELLY JEFFERYS AND NANCY RYTINA
gomirage
06-05 07:18 PM
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.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
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.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
No comments:
Post a Comment