smurtaza

Hi,

If I buy a home in US with mortage does this mean I can get a Green Card as I have home?


Please suggest??

Thanks

Manc

No

Jerseygirl

No...why should it?

ironporer

Only if you buy one like Bill Gates, or Tiger Woods. Plus if you are a Brit, it must be within 50 miles of Tampa Bay FL

scrubbedexpat097

You get a card that says "Go to Jail" Do not pass go do not collect $200

dbj1000

I suggest... you take up a career as a comedian.

md95065

U can haz home ...

U even can haz cheezburger...

...but U noe can haz green kard

Ray

Si Senor No problemo...

qwerty007

Well now isn't the time to buying a house full stop. Declines in values have been much steeper than even bears anticipated. We are just over halfway through the subprime resets with the rest due this year, so more foreclosures on the horizon that are already at record levels. If you buy now, there is a very good chance you will be in negative equity the next day, and will become another statistic. This is just the beginning. Next year (2009), toxic Alt-A mortgages, and Option ARMs start resetting, and the figures are bigger. These cover many of the upper tier price range, and typically equity was used to refinance, and used as ATM's for big ticket purchases. It is estimated the correction will last until 2012. In some areas of the US, thousands of dollars are being wiped off prices each week. I would urge anyone who is thinking of buying at the moment, to research their area thoroughly before even speaking with an agent. Bernanke said the economy is not likely to right itself until the housing crisis is over.

Giantaxe

Very good advice. Here's the latest shoe to drop: Indy Mac, the eighth largest supplier of loans has stopped taking on any new loans:

http://www.marketwatch.com/news/stor...&dist=hplatest

Kaffy Mintcake

It really depends though. We just refinanced and our home has appreciated by about 20% in the past 4 years. Our area was never that inflated though, and of course what you're appraised for, and what you could sell a home for are not the same thing.

Depending on the market - I would think this could be a great time to buy. Of course you need a downpayment now, and should be thinking for more than a couple of years.

qwerty007

From San Francisco Fed President Janet Yellen: Risks and Prospects for the U.S. Economy. Excerpts:

"...at least three reasons for thinking that housing prices have further to fall. First, the ratio of house prices to rents—a kind of price-dividend ratio for housing—still remains quite high by historical standards, ...inventories of unsold homes remain at elevated levels. This "excess supply" of available homes ...these inventories are likely to directly depress construction activity ...the futures market for house prices predicts further declines in a number of metropolitan areas this year.

Here's a link to an video clip and article at Business week.
http://www.businessweek.com/magazine...el_top+stories

Here's the Fed's break down of Alt A's. Just put in your postcode to see what's happening in your area.
http://www.newyorkfed.org/mortgagemaps/

qwerty007

Different areas of the US are experiencing different things, that's why I said research your area first. Don't just look at median prices. This can be misleading, since the sale of one very expensive house can distort the stats. Case Shiller is the index that everyone is watching, as are foreclosure rates. However, the figures show a decline across the board, so don't assume that because your local friendly Realtor says prices are stable, or your next door neighbor is bullish, that things are hunky dory. Do your research. There's a wealth of info out there. The time to buy (IMHO) is when prices have shown a small but definite positive uplift.

Giantaxe

Be careful even then. During the prolonged decline in CA in the '90's, prices typically rose each spring before falling even more in the remainder of the year. I'll believe we have stability when prices tick upwards other than in the peak spring buying season. Given that Case Shiller's now showing declines in every single market it covers, I doubt this is going to happen any time soon. And yes medians are very misleading because they merely tell what people are paying, not how much house they are getting for their money. That's why Case Shiller - which tracks resales of the same houses and takes into account improvements between sales - is a lot more accurate a measure.

Ozzidoc

Hubby's friend has just bought a house in San Diego.

These people first looked at the property in Feb 08, when it was listed at just over $1M. Offer of $525K was accepted in June 08!!