insbaby
03-23 12:20 AM
If you want to buy a home after you get your green card, mostly you will get after your retirement.
I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.
I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.
Who cares when life matters.
I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.
I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.
Who cares when life matters.
wallpaper julia roberts quotes.
puddonhead
06-05 12:42 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.
I doubt it is as clear cut as you make it to be. Rent vs. buy has two components in each option - the monthly cost and the long term saving/investment. Let me take the example of the apartment I live in. It would cost about 360k (I am not considering the closing cost, the cost to buy new appliances and so on when you move in etc) if we were to buy it as a condo in the market. We rent it for $1300.
Buy:
Monthly Cost:
Interest (very simplistic calculation): 5% on 180k on average over 30 years. i.e. $750 per month. After Tax deduction cost ~$700 (you lose on standard deduction if you take property tax deduction - so effective saving is wayyy lower than the marginal tax rate).
Property Tax: $400 per month.
Maintenance/depreciation of appliances: assume $200 per month (easily could be more).
Total: 1300.
Long term investment: $360k at 3% per annum (long term housing price increase trend).
You pay for this saving with leverage and $1000 amortization every month for the loan principal.
Loss of flexibility/Risk : Not sure how to quantify.
Rent:
Monthly cost = $1300.
Long Term Saving (assuming you put the same $1000 every month in a normal high yeild savings account - a Reward Checking maybe) - you will get a risk free 5%.
So in this case you are paying the same monthly cost for house purchase vs rent. but you are losing out on the additional 2% per month in investment return.
Plus - buying gets you into a lot riskier position.
I have seen the proponents of buying fails to take a couple of factors into account:
1. Real Estate, historically, is not a good investment. It is even worse than the best savings accounts available. And you could easily save your monthly amortization in better savings vehicles.
2. Tax deduction from interest means you lose on standard deduction. In the above example - a family of 3 with 1 earner will have NO saving from housing tax deduction. They would be better off using the standard deduction. If there are 2 earners - they could try to work around this by filing separately and one taking deduction for housing interest and the other taking the standard deduction. But even that will probably not save you any money since many other tax rates are stacked up against single filers.
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.
I doubt it is as clear cut as you make it to be. Rent vs. buy has two components in each option - the monthly cost and the long term saving/investment. Let me take the example of the apartment I live in. It would cost about 360k (I am not considering the closing cost, the cost to buy new appliances and so on when you move in etc) if we were to buy it as a condo in the market. We rent it for $1300.
Buy:
Monthly Cost:
Interest (very simplistic calculation): 5% on 180k on average over 30 years. i.e. $750 per month. After Tax deduction cost ~$700 (you lose on standard deduction if you take property tax deduction - so effective saving is wayyy lower than the marginal tax rate).
Property Tax: $400 per month.
Maintenance/depreciation of appliances: assume $200 per month (easily could be more).
Total: 1300.
Long term investment: $360k at 3% per annum (long term housing price increase trend).
You pay for this saving with leverage and $1000 amortization every month for the loan principal.
Loss of flexibility/Risk : Not sure how to quantify.
Rent:
Monthly cost = $1300.
Long Term Saving (assuming you put the same $1000 every month in a normal high yeild savings account - a Reward Checking maybe) - you will get a risk free 5%.
So in this case you are paying the same monthly cost for house purchase vs rent. but you are losing out on the additional 2% per month in investment return.
Plus - buying gets you into a lot riskier position.
I have seen the proponents of buying fails to take a couple of factors into account:
1. Real Estate, historically, is not a good investment. It is even worse than the best savings accounts available. And you could easily save your monthly amortization in better savings vehicles.
2. Tax deduction from interest means you lose on standard deduction. In the above example - a family of 3 with 1 earner will have NO saving from housing tax deduction. They would be better off using the standard deduction. If there are 2 earners - they could try to work around this by filing separately and one taking deduction for housing interest and the other taking the standard deduction. But even that will probably not save you any money since many other tax rates are stacked up against single filers.
dontcareanymore
08-05 01:37 PM
And Sir dontcareanymore, who are you to show people out.
Please calm down, its ok if someone has ideas that donot match 100% to your ideas; your decency is in letting people speak and hear them still.
friend.....Donot get angry, please.
what a pity, we donot let anyone talk, speak unless they agree with us and we call ourselves educated, democratic....voice of immigration....
may i dare say ...."we are not even close"..
lets not fight, please. I am not blaming you sir, but the action. so please
donot blast me, i know you are a wonderful person; i am blaming the action not you.
You can't generalize everything. Do you care to show how this is as bad as labor substitution ?
How about comparing the actual job duties of all EB2s and EB3s ? Not just what their lawyer says.
Rules are made with good intentions and it is people that misuse them. But for the desi sweat shops selling labors , even the labor substitution has some merits in some cases (Again Not all).
Again , I don't really care what happens with this law suite (even if that happens). Just wanted to impress that there are very good number of legitimate cases where the PD porting makes sense and it is required.
Please calm down, its ok if someone has ideas that donot match 100% to your ideas; your decency is in letting people speak and hear them still.
friend.....Donot get angry, please.
what a pity, we donot let anyone talk, speak unless they agree with us and we call ourselves educated, democratic....voice of immigration....
may i dare say ...."we are not even close"..
lets not fight, please. I am not blaming you sir, but the action. so please
donot blast me, i know you are a wonderful person; i am blaming the action not you.
You can't generalize everything. Do you care to show how this is as bad as labor substitution ?
How about comparing the actual job duties of all EB2s and EB3s ? Not just what their lawyer says.
Rules are made with good intentions and it is people that misuse them. But for the desi sweat shops selling labors , even the labor substitution has some merits in some cases (Again Not all).
Again , I don't really care what happens with this law suite (even if that happens). Just wanted to impress that there are very good number of legitimate cases where the PD porting makes sense and it is required.
2011 julia roberts
unitednations
03-25 04:05 AM
As a matter of fact, any one if trained properly can do any job..
So the requirement of basic education can be challenged for any position.. But Can CIS get in the way of running business decisions?? If any company (including consulting) wants to hire staff, shouldn't they have a say in who should be in their office?? If a staffing company policy is to only hire Post graduates, can CIS stop them? Isn't this too much intervention by government?
Another point is Why this intepretation is different for non-consulting companies? If Cisco can mandate an FTE on H1B to be Masters, how come a consultant working for same Cisco need to prove that the position requires Masters?? What they are doing is wrong.. If some litigation lawyer can find a racially motivated pattern, they will be in big trouble.. Just my thoughts...
That case was decided in 2000 after the h-1b had been filed; denied; appealed; though on layer of court and then finally decided by this court. This is why it is difficult to challenge USCIS; it takes years and years for it to weave though the system.
USCIS could have used this case many years ago; however, vermont service center didn't apply the principles of this case until 2007. Once; senators/congressmen started putting pressure on them to start getting tough.
Although they think there may be gaming of the system; they have to find a legal way to teach people a lessson. This case is what they can legally do to deny h-1b's.
So the requirement of basic education can be challenged for any position.. But Can CIS get in the way of running business decisions?? If any company (including consulting) wants to hire staff, shouldn't they have a say in who should be in their office?? If a staffing company policy is to only hire Post graduates, can CIS stop them? Isn't this too much intervention by government?
Another point is Why this intepretation is different for non-consulting companies? If Cisco can mandate an FTE on H1B to be Masters, how come a consultant working for same Cisco need to prove that the position requires Masters?? What they are doing is wrong.. If some litigation lawyer can find a racially motivated pattern, they will be in big trouble.. Just my thoughts...
That case was decided in 2000 after the h-1b had been filed; denied; appealed; though on layer of court and then finally decided by this court. This is why it is difficult to challenge USCIS; it takes years and years for it to weave though the system.
USCIS could have used this case many years ago; however, vermont service center didn't apply the principles of this case until 2007. Once; senators/congressmen started putting pressure on them to start getting tough.
Although they think there may be gaming of the system; they have to find a legal way to teach people a lessson. This case is what they can legally do to deny h-1b's.
more...
GoneSouth
04-07 06:45 PM
I think everyone should take a deep breath. This bill hasn't even made it out of committee yet. The Bush administration has made it clear that they are pro immigration and pro h1-b. I'll never say never, but I think it's very unlikely that this bill will ever get to the president's desk, and even less likely that he will sign it.
arunmohan
03-25 04:48 PM
www.ushomeauction.com
more...
DallasBlue
07-08 12:00 AM
I guess a good CPA can be lot of help as well. if your husband doesnt have paystubbs and w2 company/CPA's can actually go back and correct them for mistakes/miscalculations.
2010 tagged julia roberts notting
hpandey
06-25 04:13 PM
If you have only been reading all the doomsday articles on the net about another nosedive in the realestate market, then I must suggest you to step out and smell the coffee. Other than in a few areas like Detroit and Miami, the home prices are close to stable and are not heading to fall another 10%. When people write articles they want to sensationalize thier reports. What's happening in Detriot will not be happening everywhere in the nation. Real estate markets are very local and cannot be generalized. So anyone that is thinking that there is going to be another HUGE drop in home prices are mistaken.
Yes, you are right, absolutely no one can time the market. That is why it is a great strategy not to speculate, but go by the fact that real estate prices are affordable now and interest rates are the lowest in recent history. Don't think that just because there was a bubble you'll now get good homes for anything more than 5% discount.
Remember that you probably have a job in the city you live in, and that you are continually employed, means that there are other people around you with jobs. They are ready to snap up homes even before you get to see it from the inside. I see homes that are in bad shape in my county (Fairfax, VA) sitting in the market for months. But the ones that are good goes under contract in less than a week.
I agree with you . Most of the people in this thread against home ownership are thinking that house prices are going to keep on falling and interest rates are going to be this low forever based on front page news articles.
I think its time for people to realize that the housing bubble burst in 2007 and we are already two years into it . The people who brought houses in the period of 2003 - 2007 suffered since they bought when the bubble was peaking but in the last two years the price correction has happened and in most good areas the prices are not falling anymore.
I am not asking anyone to buy or rent .. its a personal decision but if you believe that one year down the line you will get a more cheaper house and the interest rates would still be at 5 % you should think twice .
House is not an investment but a side effect of home ownership is that you will end up with a property but if you continue to rent you are sure to end up with nothing .
Yes, you are right, absolutely no one can time the market. That is why it is a great strategy not to speculate, but go by the fact that real estate prices are affordable now and interest rates are the lowest in recent history. Don't think that just because there was a bubble you'll now get good homes for anything more than 5% discount.
Remember that you probably have a job in the city you live in, and that you are continually employed, means that there are other people around you with jobs. They are ready to snap up homes even before you get to see it from the inside. I see homes that are in bad shape in my county (Fairfax, VA) sitting in the market for months. But the ones that are good goes under contract in less than a week.
I agree with you . Most of the people in this thread against home ownership are thinking that house prices are going to keep on falling and interest rates are going to be this low forever based on front page news articles.
I think its time for people to realize that the housing bubble burst in 2007 and we are already two years into it . The people who brought houses in the period of 2003 - 2007 suffered since they bought when the bubble was peaking but in the last two years the price correction has happened and in most good areas the prices are not falling anymore.
I am not asking anyone to buy or rent .. its a personal decision but if you believe that one year down the line you will get a more cheaper house and the interest rates would still be at 5 % you should think twice .
House is not an investment but a side effect of home ownership is that you will end up with a property but if you continue to rent you are sure to end up with nothing .
more...
alisa
01-03 02:36 PM
Tomorrow the Bombay attack is old too.
You are right. And so it is imperative that before that happens, the perpetrators and their handlers are hunted down, exposed and punished, in a credible and transparent manner.
Pakistanis should want to know who is trying to provoke India, and risking a war in the subcontinent, and why.
You are so good at giving advice to people who suffered at your country men's(like don't start war etc) hands and yet you don't own any responsibility.
What apology?
I am not responsible for the actions of those people. Imagine if after 9/11, an American asked you to apologize for the actions of the 19 'Brown men' (I am assuming here that you are a south asian male) who killed 3000 Americans, how silly do you think that situation would be. If cockroaches from my house take a dump in your kitchen, don't ask me to apologize for that.
You are right. And so it is imperative that before that happens, the perpetrators and their handlers are hunted down, exposed and punished, in a credible and transparent manner.
Pakistanis should want to know who is trying to provoke India, and risking a war in the subcontinent, and why.
You are so good at giving advice to people who suffered at your country men's(like don't start war etc) hands and yet you don't own any responsibility.
What apology?
I am not responsible for the actions of those people. Imagine if after 9/11, an American asked you to apologize for the actions of the 19 'Brown men' (I am assuming here that you are a south asian male) who killed 3000 Americans, how silly do you think that situation would be. If cockroaches from my house take a dump in your kitchen, don't ask me to apologize for that.
hair Julia Roberts up there,
kotlareddy
07-19 02:38 PM
UN, you are genius in immigarion matteres and better than any of this screwed up attorneys, Pls help this community as much as you can. I didn't come across any one close to you in immigration matters
more...
fide_champ
04-05 04:05 PM
:eek:
I have been reading this thread with a lot of interest and could not hold back from commenting on the unbridled optimism many of you guys are showing towards the housing market, which reminds me of the "long tailed" euphoria that followed long after the NASDAQ had crashed over 50% in 2001 after the tech bubble, and people kept wishing it would come back long after it became clear to most cynical observers that it would take decades to achieve the same levels as before (and it hasn't yet)...
Housing has not yet bottomed. It still has a long way to go. You guys may think that the foreclosures related to subprime resets have subsided so the market may recover. You haven't seen anything yet. Consider:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/loan-matrix.jpg
and:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/adjustable-rate-mortgage-reset-schedule.jpg
Option ARMs (adjustable rate mortgages) and Alt-A ARMs are the next two shoes to drop. In case you've had your head buried in the sand, the economy is on verge of a collapse. Unemployment is soaring and many more companies are considering layoffs. Many economic observers are opining that we are already in recession.
Desi junta, and others, I entreat you readers to please consider this seriously in your house purchase decisions. If for some reason you need to sell and move out, at a minimum you will be saving some money (by not losing your downpayment, for example) by choosing to rent. Rent a house/townhouse from a private owner if you are tired of renting an apartment and have growing kids - it's a "renters market" in the private rental marketplace right now with so many investment properties purchased during the housing bubble available for rent.
I would like to offer up a few blogs, whose commentators should be taken seriously. I recommend you read and bookmark the following blogs if you want to follow the housing market and the economy:
http://calculatedrisk.blogspot.com/
http://www.irvinehousingblog.com/
http://housingpanic.blogspot.com/
http://globaleconomicanalysis.blogspot.com/
I like this website for people just starting out to get more financially educated (in an entertaining way):
http://www.minyanville.com/
Good luck and please be careful before 'taking the plunge!'
jung.lee,
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
I have been reading this thread with a lot of interest and could not hold back from commenting on the unbridled optimism many of you guys are showing towards the housing market, which reminds me of the "long tailed" euphoria that followed long after the NASDAQ had crashed over 50% in 2001 after the tech bubble, and people kept wishing it would come back long after it became clear to most cynical observers that it would take decades to achieve the same levels as before (and it hasn't yet)...
Housing has not yet bottomed. It still has a long way to go. You guys may think that the foreclosures related to subprime resets have subsided so the market may recover. You haven't seen anything yet. Consider:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/loan-matrix.jpg
and:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/adjustable-rate-mortgage-reset-schedule.jpg
Option ARMs (adjustable rate mortgages) and Alt-A ARMs are the next two shoes to drop. In case you've had your head buried in the sand, the economy is on verge of a collapse. Unemployment is soaring and many more companies are considering layoffs. Many economic observers are opining that we are already in recession.
Desi junta, and others, I entreat you readers to please consider this seriously in your house purchase decisions. If for some reason you need to sell and move out, at a minimum you will be saving some money (by not losing your downpayment, for example) by choosing to rent. Rent a house/townhouse from a private owner if you are tired of renting an apartment and have growing kids - it's a "renters market" in the private rental marketplace right now with so many investment properties purchased during the housing bubble available for rent.
I would like to offer up a few blogs, whose commentators should be taken seriously. I recommend you read and bookmark the following blogs if you want to follow the housing market and the economy:
http://calculatedrisk.blogspot.com/
http://www.irvinehousingblog.com/
http://housingpanic.blogspot.com/
http://globaleconomicanalysis.blogspot.com/
I like this website for people just starting out to get more financially educated (in an entertaining way):
http://www.minyanville.com/
Good luck and please be careful before 'taking the plunge!'
jung.lee,
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
hot julia-roberts-i-love-troubl.
bajrangbali
06-07 05:46 PM
Thread gets more interesting...way of life..love the way it transformed from home buying good/bad to sound investment advice...here is my bit:
With all the $$ spending by government, inflation is inevitable. FED can try to fight it by increasing interest rates, but that will open another box of worms. In a hurry now and will post a detailed discussion later about interest rates, fed and inflation..very interesting indeed
my take is gold...solid investment in these times and a proven hedge against inflation
goodluck guys..more later
With all the $$ spending by government, inflation is inevitable. FED can try to fight it by increasing interest rates, but that will open another box of worms. In a hurry now and will post a detailed discussion later about interest rates, fed and inflation..very interesting indeed
my take is gold...solid investment in these times and a proven hedge against inflation
goodluck guys..more later
more...
house Julia Roberts
maddipati1
03-23 03:08 PM
Did you send Seinfeld a royalty? :D
-a
cheers
-a
cheers
tattoo Lisa Smile Wallpaper 1
SunnySurya
08-05 03:10 PM
It is not the Law. It is just a guidance provide in one 2000 Memo by a USCIS director.
Nothing great ever happens by trying to undermine each other. Laws are laws, some fair and some unfair, just deal with it and focus on remedying the whole broken system.
Nothing great ever happens by trying to undermine each other. Laws are laws, some fair and some unfair, just deal with it and focus on remedying the whole broken system.
more...
pictures Monalisa Smile stars Julia
gopinathan
08-12 02:03 PM
:D:D
can't stop laughing.. thanks rsdang..
(long pause)
DJ: Folks, we need to take a station break
can't stop laughing.. thanks rsdang..
(long pause)
DJ: Folks, we need to take a station break
dresses Julia Roberts at Oscar
validIV
06-25 03:59 PM
He bought his house after he got a job offer from his mentor�Ben Graham, when he could afford it. Prior to that he was renting. He purchased a five-bedroom stucco house in Omaha, where he still lives, for $31,500. Guess how much that house is worth now?
And who was rich first and does not consider his house as an investment!
And who was rich first and does not consider his house as an investment!
more...
makeup Source:nylon-smile
fide_champ
04-05 04:05 PM
:eek:
I have been reading this thread with a lot of interest and could not hold back from commenting on the unbridled optimism many of you guys are showing towards the housing market, which reminds me of the "long tailed" euphoria that followed long after the NASDAQ had crashed over 50% in 2001 after the tech bubble, and people kept wishing it would come back long after it became clear to most cynical observers that it would take decades to achieve the same levels as before (and it hasn't yet)...
Housing has not yet bottomed. It still has a long way to go. You guys may think that the foreclosures related to subprime resets have subsided so the market may recover. You haven't seen anything yet. Consider:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/loan-matrix.jpg
and:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/adjustable-rate-mortgage-reset-schedule.jpg
Option ARMs (adjustable rate mortgages) and Alt-A ARMs are the next two shoes to drop. In case you've had your head buried in the sand, the economy is on verge of a collapse. Unemployment is soaring and many more companies are considering layoffs. Many economic observers are opining that we are already in recession.
Desi junta, and others, I entreat you readers to please consider this seriously in your house purchase decisions. If for some reason you need to sell and move out, at a minimum you will be saving some money (by not losing your downpayment, for example) by choosing to rent. Rent a house/townhouse from a private owner if you are tired of renting an apartment and have growing kids - it's a "renters market" in the private rental marketplace right now with so many investment properties purchased during the housing bubble available for rent.
I would like to offer up a few blogs, whose commentators should be taken seriously. I recommend you read and bookmark the following blogs if you want to follow the housing market and the economy:
http://calculatedrisk.blogspot.com/
http://www.irvinehousingblog.com/
http://housingpanic.blogspot.com/
http://globaleconomicanalysis.blogspot.com/
I like this website for people just starting out to get more financially educated (in an entertaining way):
http://www.minyanville.com/
Good luck and please be careful before 'taking the plunge!'
jung.lee,
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
I have been reading this thread with a lot of interest and could not hold back from commenting on the unbridled optimism many of you guys are showing towards the housing market, which reminds me of the "long tailed" euphoria that followed long after the NASDAQ had crashed over 50% in 2001 after the tech bubble, and people kept wishing it would come back long after it became clear to most cynical observers that it would take decades to achieve the same levels as before (and it hasn't yet)...
Housing has not yet bottomed. It still has a long way to go. You guys may think that the foreclosures related to subprime resets have subsided so the market may recover. You haven't seen anything yet. Consider:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/loan-matrix.jpg
and:
http://www.irvinehousingblog.com/wp-content/uploads/2007/04/adjustable-rate-mortgage-reset-schedule.jpg
Option ARMs (adjustable rate mortgages) and Alt-A ARMs are the next two shoes to drop. In case you've had your head buried in the sand, the economy is on verge of a collapse. Unemployment is soaring and many more companies are considering layoffs. Many economic observers are opining that we are already in recession.
Desi junta, and others, I entreat you readers to please consider this seriously in your house purchase decisions. If for some reason you need to sell and move out, at a minimum you will be saving some money (by not losing your downpayment, for example) by choosing to rent. Rent a house/townhouse from a private owner if you are tired of renting an apartment and have growing kids - it's a "renters market" in the private rental marketplace right now with so many investment properties purchased during the housing bubble available for rent.
I would like to offer up a few blogs, whose commentators should be taken seriously. I recommend you read and bookmark the following blogs if you want to follow the housing market and the economy:
http://calculatedrisk.blogspot.com/
http://www.irvinehousingblog.com/
http://housingpanic.blogspot.com/
http://globaleconomicanalysis.blogspot.com/
I like this website for people just starting out to get more financially educated (in an entertaining way):
http://www.minyanville.com/
Good luck and please be careful before 'taking the plunge!'
jung.lee,
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
girlfriend 2003#39;s quot;Mona Lisa Smilequot;
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.
hairstyles 4: Julia Robers smile
alterego
09-27 10:39 AM
I wish Obama wins. His team has more clarity on many issues and he has the zeal like JFK for making things happen. But, a big but - I am very concerned about our Employment Based immigration. If he gets to win (I wish he does..as someone who want to see America regain it's global position not just with might but also being morally right), I am worried if it would be Sen. Durbin who will dictate the immigration policy.
I wish we get some clarity in this aspect. In the economic downturn, I wish to work more than I ever did and see that US comes out of recession fast. But for that I have to be inside the country first. I have to be given a fair chance to contribute to this economy first and I need to be treated with respect and honor.
Sen. Durbin's position on this issue and his closeness to Sen. Obama is certainly a cause for concern, however, one thing I have noticed over and over with Sen. Obama is that he is a cerebral pragmatist with a fairly decent judgement. He is not a locked in ideologue, when a rational argument is put to him he tends not to be dogmatic like the current president and instead will try to cut a deal.
To get the support of republican moderates in any CIR legislation pro business immigration policies will need to be included in an Obama administration. No doubt the legislation will include some H1b restrictions, but they may be more open to EB visa recapture etc. That will atleast get those in the 485 queue some relief. Noone can reason with the Sen. Sessions and Rep. Kings of the congress. The same group that is so ultra conservative that they basically openly revolted with their president on numerous issues including the current economic rescue package.
My fear with a Sen. McCain administration is that on the immigration issue, whatever his personal views, we will see another 4 yrs similar to the last 4 on immigration! He will get nowhere moving his party either. Pres. Bush is about as pro CIR as they come, he tried and tried very hard, but to no avail with the Congress. Even before the election, you can see the disagreements between McCain and the extreme right wing conservatives. Atleast with Obama, the scene will be shaken up, noone knows where it ends up, but atleast there is a chance the gridlock will be broken.
I wish we get some clarity in this aspect. In the economic downturn, I wish to work more than I ever did and see that US comes out of recession fast. But for that I have to be inside the country first. I have to be given a fair chance to contribute to this economy first and I need to be treated with respect and honor.
Sen. Durbin's position on this issue and his closeness to Sen. Obama is certainly a cause for concern, however, one thing I have noticed over and over with Sen. Obama is that he is a cerebral pragmatist with a fairly decent judgement. He is not a locked in ideologue, when a rational argument is put to him he tends not to be dogmatic like the current president and instead will try to cut a deal.
To get the support of republican moderates in any CIR legislation pro business immigration policies will need to be included in an Obama administration. No doubt the legislation will include some H1b restrictions, but they may be more open to EB visa recapture etc. That will atleast get those in the 485 queue some relief. Noone can reason with the Sen. Sessions and Rep. Kings of the congress. The same group that is so ultra conservative that they basically openly revolted with their president on numerous issues including the current economic rescue package.
My fear with a Sen. McCain administration is that on the immigration issue, whatever his personal views, we will see another 4 yrs similar to the last 4 on immigration! He will get nowhere moving his party either. Pres. Bush is about as pro CIR as they come, he tried and tried very hard, but to no avail with the Congress. Even before the election, you can see the disagreements between McCain and the extreme right wing conservatives. Atleast with Obama, the scene will be shaken up, noone knows where it ends up, but atleast there is a chance the gridlock will be broken.
nojoke
04-14 04:33 PM
Comparing buying playstation3 and chocolates with buying a house is nojoke. The argument of buying playstation3 and chocolates is no argument.
You ddin't get my point. 7 year old kid gives more importance to these than a house. I am not saying playstation3 is equal to housing.:(
If you had said your child needs personal space, then it would be different. In this case you are talking about older kids. Most of us have kids younger than 5 years old.
You ddin't get my point. 7 year old kid gives more importance to these than a house. I am not saying playstation3 is equal to housing.:(
If you had said your child needs personal space, then it would be different. In this case you are talking about older kids. Most of us have kids younger than 5 years old.
mariner5555
03-24 12:01 AM
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. well the experience that I gave above was as good as I could since it was told to me in person. it all depends on yr long term horizon .....do u think u will be in NJ for a long time ? if yes and if u are getting a good deal, then house makes sense - price of house would always go up by the cost of inflation + 1 percent (except during bubble burst ..like now) - and I guess RE in NJ will always be in demand ..but u would know better.
house is definitely better in many many respects --
if u don't see it as an investment -- then why not ..take the plunge !!
The only problem that I have (in my case) is GC !! and the fact that prices went up by average of 10% during last 4 - 5 years - which is craziness (And as we know now - a bubble). I for one am not a sucker who wants to pay high for an asset than it is actually worth..in most areas in US atleast --land is plenty and time it takes to build infrastructure is less . demand is low and will be low -- and I don't think of renting as throwing money (did extensive research on the same) - as of now I am happy as I have lot more time on hand , commutes are shorter and the money that I save - I am investing aggresively in stocks etc. here is a latest article about home prices - I guess bottom in 2009 feb ?
----------
Even as sales have plunged, more supply has come on the market, from home builders, foreclosed homes, and from owners who need or want to sell. It'll take a year at least to work off the excess supply, which is driving prices lower.
Falling home prices could be keeping some buyers on the sidelines, waiting for a better deal. But prices have already fallen significantly, which means more potential buyers can find an affordable house.
The two major home price indexes will be released on Tuesday by Standard & Poor's and the Office of Federal Housing Enterprise Oversight. S&P's Case-Shiller index will probably see a decline of 11% in the 12 months ending in January, down from 9% through December, according to economists at UBS.
Futures markets predict home prices will fall another 14% by next February, UBS said.
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house is definitely better in many many respects --
if u don't see it as an investment -- then why not ..take the plunge !!
The only problem that I have (in my case) is GC !! and the fact that prices went up by average of 10% during last 4 - 5 years - which is craziness (And as we know now - a bubble). I for one am not a sucker who wants to pay high for an asset than it is actually worth..in most areas in US atleast --land is plenty and time it takes to build infrastructure is less . demand is low and will be low -- and I don't think of renting as throwing money (did extensive research on the same) - as of now I am happy as I have lot more time on hand , commutes are shorter and the money that I save - I am investing aggresively in stocks etc. here is a latest article about home prices - I guess bottom in 2009 feb ?
----------
Even as sales have plunged, more supply has come on the market, from home builders, foreclosed homes, and from owners who need or want to sell. It'll take a year at least to work off the excess supply, which is driving prices lower.
Falling home prices could be keeping some buyers on the sidelines, waiting for a better deal. But prices have already fallen significantly, which means more potential buyers can find an affordable house.
The two major home price indexes will be released on Tuesday by Standard & Poor's and the Office of Federal Housing Enterprise Oversight. S&P's Case-Shiller index will probably see a decline of 11% in the 12 months ending in January, down from 9% through December, according to economists at UBS.
Futures markets predict home prices will fall another 14% by next February, UBS said.
----------
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