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  • Rolling_Flood
    08-05 07:28 AM
    red, green, blue, pink............whatever the color may be!!

    I just need to hear honest replies from EB2 filers. If you are afraid to speak up, please send me a message and we can work this behind the scenes.

    Thanks again.





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  • Macaca
    12-28 08:03 AM
    House Members Spent $20.3M on Mailings (http://www.washingtonpost.com/wp-dyn/content/article/2007/12/27/AR2007122700903.html?hpid=sec-politics) By DENNIS CONRAD | Associated Press, Dec 28, 2007

    WASHINGTON -- U.S. House members spent $20.3 million in tax money last year to send constituents what's often the government equivalent of junk mail _ meeting announcements, tips on car care and job interviews, surveys on public policy and just plain bragging.

    They sent nearly 116 million pieces of mail in all, many of them glossy productions filled with flattering photos and lists of the latest roads and bridges the lawmaker has brought home to the district, an Associated Press review of public records shows.

    Some offered advice on topics one would more commonly expect to see in a consumer-advice column.

    "Keep your car properly maintained" to improve mileage, suggested Rep. Tim Murphy, R-Pa., in a newsletter on how to deal with rising energy prices.

    Rep. David Dreier, R-Calif., offered tips on home improvements.

    And Rep. Cynthia McKinney, D-Ga., who lost her primary race last year, sent out a taxpayer-funded newsletter a few months before the election that included this simple observation:

    "Convicted felons can vote," she said, if "your" prison sentence has been served, parole or probation completed and fines paid. While campaigning, McKinney, who is black, noted that blacks make up a disproportionately large share of the prison population, which she said dilutes their voting strength.

    A dozen House members spent more than $133,000 each to send 9.8 million pieces of mass mailings. Total cost? $1.8 million.

    Sometimes the lawmakers' taxpayer funded mailings topped what they paid for direct mail through their campaign funds.

    Of the 64 House members with at least $100,000 in taxpayer-funded mailing expenses _ and overwhelmingly for mass mailings _ 42 were Republicans and 22 were Democrats, the AP review found.

    In sharp contrast, 59 lawmakers in the 435-member House _ 35 Republicans and 24 Democrats _ spent nothing on mass mailings. They tended to be the more experienced House members, often with 14 or more years of service.

    Mass mailings cannot be blatantly political, but they still can have political benefits, said Pete Sepp, a spokesman for the National Taxpayers' Union, which has condemned mass mailings.

    "A taxpayer-financed mailing doesn't have to say 're-elect me' to have an impact on voters," Sepp said. "A glossy newsletter splashed with the incumbent's achievements in Congress can build useful credentials a lawmaker can take with him to the ballot box. The franking privilege is one of the main cogs in Congress' PR machine."

    Franking, practiced since the early days of the republic, lets members of Congress send mail with just a signature where the postage would normally be affixed. Although the mailings are regulated by a congressional commission to guard against overt political appeals and cannot go out within 90 days of an election, they still sometimes take a dig at the opposition.

    In a June 2006 newsletter, Rep. Pete Stark, D-Calif., noted that under the Republican majority, Congress had passed tax cuts that "benefit the wealthiest Americans at the expense of working families."

    Stark has been a regular among the biggest users of the congressional franking privilege. For 2006, his mass mailings alone cost $172,357, an amount large enough to rank him among the top congressional mailers. House documents reported his overall mailing costs to be about $37,000 less. The AP received no explanation for the apparent discrepancy from spokesmen for Stark, the House Administration Committee and House administration staff.

    Some lawmakers defend the newsletters as a vital way of communicating with constituents.

    "One of the biggest complaints my constituents had (with) my predecessor was that they never knew what was going on in Washington," said Rep. Ginny Brown-Waite, R-Fla. "They never had the opportunity to do surveys, etc. I promised I would communicate with them regularly."

    Brown-Waite is one of the biggest users of bulk mail, with 657,951 pieces at a cost of $129,428 last year. That surpassed the approximately $110,000 her campaign spent on direct mailings and related costs.

    One taxpayer-funded mailing featured a picture of her and the headline: "Medicare Prescription Drug Update: The Time to Act is Now." Another, entitled "Constituent Service Guide for the 5th District," included a survey and information about how to obtain U.S. flags, assistance from federal agencies and an appointment to a military academy.

    The House Democratic Caucus encourages members to use the mailings to communicate with constituents, spokeswoman Sarah Feinberg said. She said it was a good way for congressmen to focus on an issue or, if survey questions are used, get a handle on what constituents are thinking.

    That argument doesn't persuade Rep. Ray LaHood, R-Ill., who said he has never used the mailings in 13 years in Congress. "It's a waste of taxpayers' money," he said. "I don't believe in this self-promotion."

    LaHood argues that franking should be used only to answer constituent mail. He has repeatedly introduced bills to ban mass mailings and just as often the legislation dies in committee.

    For the House and Senate combined, the cost of taxpayer-paid mailings, including mass mailings, letters to individuals and groups of up to 500 people, was $34.3 million for fiscal year 2006, according to a recent Congressional Research Service report. In 1988, before more restrictions were imposed on the use of mailings, the figure was more than three times larger, $113.3 million.

    The biggest senders in the AP analysis included freshmen in tight re-election fights and veterans who coasted to victory.

    Rep. Henry Brown, R-S.C., had the most pieces of mass mailings: 1,257,972. His mass mailings' cost of $171,286 was among the highest in the House, as was the overall cost of his franked mail, at $177,706.

    Murphy, who advised constituents to maintain cars, was one of the House leaders in sending out bulk mail, with 1,003,836 pieces. The price tag: $165,650.

    Among legislative leaders, the biggest spender was Rep. Thaddeus McCotter, R-Mich., who last fall became chairman of the House GOP Conference. He spent $133,053 to mail 844,336 pieces.

    Other leaders in the last Congress and the current one were not big users.

    The cost of postage is not the only expense for taxpayers. Printing and reproduction can add tens of thousands of dollars to a mailing's cost. The printing cost for one mailing from McCotter was $30,259.

    There is a practical limit on how much can be spent on mailings.

    Funding comes from a congressman's office budget, which ranges from $1.2 million to $1.4 million for payroll and other expenses. The more spent on mass mailings, the less money is available for such needs as staff, salaries and district offices.

    Senators can also send franked mail, but the amount for each senator is specific and generally based on the number of addresses in a senator's state. At no point may it exceed $50,000 a year for mass mailings. For fiscal year 2004, overall mail allocations ranged from $31,746 to $298,850.

    Rep. Cliff Stearns, R-Fla., who mailed 906,788 pieces last year and won re-election with 60 percent of the vote, sees the mailings as helping him do his job.

    "Ours is a representative government, requiring an active dialogue between elected officials and those they serve," Stearns said in a statement.

    Mike Stokke, a political aide to recently resigned Rep. Dennis Hastert, R-Ill., when he was House speaker, said he would advise congressmen to send out mailings when they've fulfilled an important promise, such as getting money for a bridge in the district.





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  • 485Mbe4001
    08-06 01:52 PM
    red dot for this post.... are you nuts or someone touched a raw nerve or you have lots of spare time to create controversies:confused:

    Lets petition USCIS to scrap EB3 and send them home. Rolling_flood needs his GC real bad... We are unavailable today and will be U in 2010. you can have our 3k visa for your category.

    Have you never jumped a line in your life, i bet you have.

    We see it all the time, people will find ways to move ahead and so will you..nothing wrong with that. What is wrong is demeaning or ridiculing a group for you selfish needs...good luck with the law suit.. the least it will do is highlight problem our to a greater audience (Y).





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  • bfadlia
    01-09 06:15 PM
    The question is about common sense and not who said what... Israel might make mistakes but it has no need to bomb civilians or school compounds deliberately. It is a strong enough country that can wipe out the entire middle-east if it chose to but it does not do so probably because it isn't a failed state with an inferiority complex like most of its neighbors.

    a common sense guy like you would have dismissed iraqis claims of abuse in abu gharib.. america is a strong country, it doesn't need to molest prisoners..
    how luxurious for you to use ur common sense while victims still suffer after their stories were corobrated by unbiased witnesses



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  • sabudanawada
    04-15 02:49 PM
    Some common thinking patterns that immerge out of these conversations. Please understands that these are all "amoral" paradigms, nothing else, you can pick and choose any of these set of values and lead your life on it, the choice is upto you. Nobody is right and nobody is wrong, except in their own imagination.

    1. Money cant buy happiness
    2. Bigger home doesnt mean better life for kids.
    3. Life in US is better than life in India
    4. Life in India is better than life in US.
    5. Our parents had more time for us than we do for our children
    6. It is better to be content and happy than to be materialistic and unhappy.
    7. Stability is more important than commiting a big chunk of your money.
    8. Good neighborhoods is whats more important.
    9. Renting is good for immigrants till they get their green cards.
    10.Buying house in this market is stupid.
    11. Buying house in this market is smart.
    12. I already bought the house and loving it
    13. Wait till they kick you out of the country, then tell me that you love your house. you know they sometimes make some stupid mistakes with your application and there is no telling whether you could be their victim even if you have cleanest case for GC.


    i can go on, but come on guys, dont you get it? Who wins with these arguments. NOBODY. Do what you think is right for you and your family. as simple as that...

    Cheers! :cool:





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  • mariner5555
    04-15 04:26 PM
    one last addition ..I guess builders are normally the optimistic lot even when things are bad ..and they seem unhappy now (which means happier days are ahead for fence sitters like me (who are waiting for a GC by the way before looking)
    http://www.cnbc.com/id/24129427 ..

    ----------
    Fitch Ratings said in a conference call Tuesday that the housing sector is likely to continue to contract throughout 2008, and could worsen further in 2009 if the economy slides into a sharp recession. The ratings agency said low mortgage rates, cheaper home prices and government proposals to aid the ailing industry will not be enough to spark a turnaround.

    "Despite a few steps in the right direction, U.S. housing remains mired in a steep cyclical decline, with more pain likely for U.S. homebuilders through 2008," said Fitch homebuilding analyst Robert Curran



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  • Arjun
    07-14 08:49 PM
    If this is the case.
    Given the high number of ROW EB3 it will never help Indian EB3. so spilling some of EB1 over to EB3 doesn't really help Indian EB3. But this letter could hurt Indian EB2. Now there is hope for lot of Indian EB3 to convert to EB2. That could be lost. I am als one of the converts.

    No budy, it is not only EB2 India, it is China too. So it is EB2 getting visa numbers that are not used by EB2 ROW and EB1-ALL.

    EB3 is not getting any spilled over numbers and won't happen until EB 3 ROW is current or EB2 becomes current. Long way to go when that happens.

    When there are more numbers in the pool it helps one way or the other.





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  • puddonhead
    06-07 05:39 PM
    5% per month is easily attainable with some options strategies. But not everyone has the temperament/stomach/psyche for active trading.
    Reward checking accounts are your friend....
    Reward Checking Account Discussion (http://www.fatwallet.com/forums/finance/775437)


    They typically have some requirements like you may have to
    1. Make 8-12 debit card transactions a month. Automatic payments for small amounts are usually your friend here.
    2. Some of them may also need one or two direct deposits per month into the account.

    The max balance up to which they will pay this interest rate is usually 25k. If you are rich - simply open up more than one at different financial institutions.

    Right now - the rates are in the 4% range - but this is a very unusual time. I have seen rates in 6-7% range most of the time.

    And if you are worried about risk - I guess nothing in this world can beat FDIC insurance in terms of risk hedge. I don't mean to say that the US government can never go bankrupt. In fact - the current strategy to spend spend spend out of the recession increases that chance. But there is NOTHING, not even stuffing your money in your mattress (hint: inflation) - which is superior in terms of preserving your capital.



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  • HawaldarNaik
    01-03 01:47 AM
    I just saw a outstanding movie called 'Wednesday', and i got thinking. In a way i would say we have to thank our neighbouring country because they have done what we the people of India could not for the past 60 years

    They with their heinous attacks like 26/11, have started the process of cleansing with regards to Indian red tape, administration and politics. A case in point is the murder of the pwd engineer in UP, which initially was played down by the CM of that state, but after she realized that post 26/11, the entire nation is demanding accountability of every single beaurcrat, she backed off and started the judicial process moving

    Off course she may still try to circumvent the law with all her efforts, but i doubt if she will cause other politicians and administrators like her have now understood that the common man who till now had a chalta hai attitude has now decided to stand up and ensure that the process of cleansing which leads to accountability has started.

    Now it is up to us to make sure that we continue this process improvement, so that no country will dare to do such acts in future

    As i said in my first post...we have to first clean up our act....

    As the great poet Kabir said....'I went out to search for the bad every where outside of me...but after deep introspection...i realized that first I had to improve....and remove the bad from within'

    Lets keep focussed and clean ourselves and our people...automatically we will see improvement.....





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  • Macaca
    02-15 05:34 PM
    San Francisco's Democrat (http://online.wsj.com/article/SB120303714722970265.html?mod=opinion_main_review_ and_outlooks) WSJ Editorial, Feb 15

    Speaker Nancy Pelosi and House Democrats appear to have decided that November's election is a distraction from their effort to simply pull the plug on a sitting President. How else to explain what is happening in the House this week?

    Democrats voted yesterday, for the first time in decades, to hold two White House officials in contempt of Congress. Hours later it emerged that Ms. Pelosi has apparently decided not to vote on the warrantless wiretap bill passed by the Senate days ago. This means that the Protect America Act -- which conferred Congressional support to wiretapping suspected al Qaeda terrorists -- will expire at midnight today.

    We admit to wondering earlier this week whether Congress's interrogating Roger Clemens was the best use of the Representatives' time. On the evidence, the country will be safer if the House takes up tilting at windmills.

    Speaker Pelosi says that letting the Protect America Act evaporate is no big deal. But the Director of National Intelligence told Congress last summer that the Administration lost two-thirds of its terrorist-surveillance capacity after it agreed to go to the Foreign Intelligence Surveillance Court and a judge there required a finding of probable cause to listen in on terrorists abroad.

    There are in fact enough Blue Dog Democratic votes in the House to pass the Senate bill, which had Democratic support there as well. But Ms. Pelosi instructed House Intelligence Committee Chairman Sylvester Reyes to begin negotiations with the Senate on a compromise bill. This effectively tosses the entire surveillance program into a kind of limbo, with all players uncertain about its practical authority.

    This was of a piece with the remarkable contempt vote against White House Chief of Staff Josh Bolten and former Counsel Harriet Miers, which passed 223 to 32, as Minority Leader John Boehner led the Republican delegation out of the chamber. The pretext for this historic moment? The fight over the fired U.S. Attorneys. Remember that?

    This is the scandal that vanished because there was nothing to it. U.S. Attorneys are political appointees who serve at the pleasure of the President; he can fire any -- or even all -- of them if he sees fit. This nonscandal seemed to fade into the mists after it hastened the departure of Attorney General Alberto Gonzales. Ms. Pelosi asserts that this virtually never-used contempt vote is necessary to ensure "oversight" of the executive.

    Mr. Bolten and Ms. Miers, however, refused under orders from the President and on the advice of the Solicitor General, on the principle that the President's advisers should be free to give advice to the President without being called before Congress to explain themselves. Democratic Presidents to the horizon have made this claim.

    Every time he speaks, Barack Obama promises to overcome "bitter partisanship and petty bickering." Good luck with that. The House Speaker from San Francisco is obviously running her own campaign to gain control of the White House. The needs of the party's Presidential candidates appear to be a distraction from this.


    The House Strikes Back (http://www.washingtonpost.com/wp-dyn/content/blog/2008/02/15/BL2008021502107.html?hpid=opinionsbox1) By Dan Froomkin | washingtonpost.com, Feb 15



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  • Sakthisagar
    07-29 03:27 PM
    A little touchy here are we. I thought we were skilled immigrants and could hold a mature conversation.



    First of all, the President doesn't create policy, the Congress does. And please answer my question of why he should focus on a few hundred thousands when millions are out of their jobs, economy is in crisis and a couple of wars to fight. I'm just saying in terms of priorities we don't fit and I'm fine with that even though from a selfish perspective it hurts us. With regard to the unemployment rate:

    1. Not all EB immigrants are tech sector employees (esp in EB3)
    2. Even if we consider the population of tech EB employees, some in the American Congress and public *could* argue that lots of these jobs could indeed be done by Americans if they are trained. If you look at the trend of outsourcing you know that it's really not that hard to find somebody who can code in Java/C++ etc. I'm not saying that's true but just saying that's an argument that could be given forward by people who say that the nation's overall unemployment rate could be helped by training people for tech oriented jobs where unemployment rate is low. This is already happening with science and tech initiatives at the middle/higher education level.

    What immaturity you have seen in saying that do not compare USA & India. may be your immature mind to understand.

    We people will only argue and discuss and never do anything solid that is the Nature unfortunately. How do you know The President's Priority? Why do you want to use "coulds "and "can" and "may be???? just for argument sake and that is what they call "IMMATURITY "in superlative Degree





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  • unitednations
    03-24 04:08 PM
    Your posts are arguably best on this forum. I have religiously read all your posts and will do in future. Your posts always make sense. I just wish we could get more insight and perspective from you. Great work. Keep them coming.

    What are your thoughts on h1bs/GC sponsored by universities. Do you forsee any problems with them? Also any insight on long time it takes for visa stamping?


    No problems with Universities. I was surprised to see how many h-1b's are actually held by universities.



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  • yagw
    08-20 02:53 AM
    Mr. X going to airport with his friend for the first time...

    Mr. X : What is that flight, taking off?
    Friend: Boeing 747

    The next day he went with his another friend and saw the same flight landing... then says to his friend....

    "I know the name of the flight... 'Vanding' 747!"


    Translation: Bo ~= Go
    Vandu ~= Come





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  • NKR
    03-28 08:06 PM
    Job is never guaranteed ..so watch out !! I agree it is highly personal - so if you can and have purchased it --good for you. I was giving my opinion and also to educate about the myth that home is a great investment ..it is not ..it is just a place to live..and so is an apartment..I guess both have advantages and disadvantages ..
    to answer yr question on top ...do you mean to say kids won't grow up in an apartment ?? I feel at v.young age they find more friends in apartments.
    or do u mean to say young kids ( 2 - 6) years lead inferior lives in apartments ?? I big NO ..by renting I come home early and spend more time with kids and they love that ..now if you are able to buy house near your work then that is good for you ...but where I stay (and for many) they cannot do that because of the bubble !!
    to answer yr other post ..actually you should have framed it this way ...would I buy an house if I get green card (SINCE I BELIEVE I WILL GET GC BEFORE PRICES GO UP ..i.e. with in next 2 years). my answer ..
    if I get GC ..yes ...irrespective of price going up or not ..within a period of 6 months after getting GC, I would buy house ..credit is good and have downpayment.
    on EAD and I need more space ...(I would need extra space only when my son grows up and he needs his own space and room)..before this happens I believe I would get a GC ..if I don't get GC then I would try to rent a home.
    EAD and don't need 2000 sq feet (i.e. sons are still small) ..then I would continue to rent (and watch the falling prices !! and perhabs thank USCIS just for this i.e. preventing me from buying a house at inflated prices !!).

    You keep mixing up things, You are both for/against in your own post. On one hand you say that apartment is good for kids since they find other kids to play with, on the other hand you say that if you get a GC, you will buy a house within six months. So what exactly are you trying to tell. If the market is good, is buying a house good thing or bad thing.

    Home might not be a great investment, after a couple of years it becomes a necessity. Living in a house is not a great thing, nor living in an apartment is less pleasant. Like I have said it all depends on one�s situation and what one wants. A person and his/her family including kids should be happy wherever they are, it�s all that matters.



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  • pete
    04-09 01:01 PM
    EVERYBODY wants those doing Ms and PhD in certain disciplines to stay. They do no harm AT ALL and actually are an asset.

    Consultants need to be curtailed.



    I think the universities are out of control and need to be fixed too. All these people with MS and PHd's enroll in their courses with the full intention of staying on after completing their courses.

    We should ask that the DOS start randomly denying F1 applications based on a ratio that is calculated by reviewing immigrant applications for the past 5 years.





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  • hiralal
    06-25 10:48 PM
    Just as an example, this may be an anomaly, but I know this Australian Indian citizen, who has recently bought 2 houses in the LA Valley and is having no issues filling them with contractors so far (1 my friend), even in this economy. He works on SAP projects traveling on H1 , but is in Aussie land most of the time, with his family. The rent more than pays off his mortgage.
    I have only one sentence to say ..watch the movie "pacific heights" ..I was watching it now and that is a perfect movie for those who intend to rent their homes.
    (ofcourse it is just a movie ..but very interesting, worth watching for everyone and gives you some knowledge too. what you have mentioned is the best case scenario ..the movie is the worst case scenario. as always, reality is somewhere in between).
    personally there are better ways to make money ..for me diversify is the key word ..(rather than everything in real estate or everything in stock ...and yes, you need to watch the money you have like a hawk (and that is difficult when you give your house on rent ..for eg how do you find out if only the tenant's family is living there - or whether he has sub leased to 2-3 families etc etc)



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  • hopefulgc
    08-05 11:23 AM
    I am requesting an amendment to the spelling of "mahaul".
    I think it would sound better if we spelled it as "mahole" :D



    :DGuys ,
    The "mahaul"(environment) seems so Tense around the IV forums that I thought of making a thread to share some light humor / Jokes etc

    Here are some funny quotes to start with

    I don't think President fully understands this immigration thing.
    Like today, when they asked him about amnesty, he said it's horrible
    when anyone loses their memory." --Jay Leno

    "As you know, today was Don't Take Your Immigrant To Work Day
    here in Los Angeles. No, all across the nation they had a Day Without
    Immigrants, is what they call it. Or, as Native Americans call it, the
    good ol' days." --Jay Leno





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  • yabadaba
    08-11 12:26 PM
    dont know about lou's total viewership but every day his online polls have less than 15,000 respondents

    http://www.cnn.com/POLLSERVER/results/26653.exclude.html

    i m sure its basically everybody who is a member of numbersusa, fair and other nut job establishments





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  • waitnwatch
    05-24 02:18 PM
    WaitNwatch,

    No. How about you:can you show a study and correlation between outsourcing and salary stagnation ?

    Let's be honest and realistic, do you believe that by bringing more workers, how long that would prevent companies from offshoring jobs ? It is true that by not bringing more workers, companies would be more willing to offshore. In my view, companies will offshore regardless in the future. With or without cheaper labor here, they will be tempted to go overseas since the savings are significant, am I right ? At that time is when people has legitimate concerns to control the numbers of newcomers.


    Your logic is getting a little simplistic here. I will try to explain the best I can and this is my last post on the topic. Here are a few points. Try to link them together and you will get a sense of the whole logic.
    (1) Companies outsource because of cheap labor.
    (2) Companies also look elsewhere when there is a shortage.
    (3) There are areas other than high tech (e.g. science, mathematics, biotechnology) that need people from outside (including fresh US university graduates).
    (4) Other countries will catch up with the US if cutting edge companies donot find enough STEM people.
    (5) These other countries with more logical immigration policies will attract talent and the companies will move there.
    (4) Graduates in STEM need to get H1B after their practical training.
    (5) US does not produce enough STEM graduates and cannot entice foreign students if there are no H1B's available when they enter the job market.
    (6) Outsourcing of top science jobs are not only lost jobs but also cause collateral damage and reduce other jobs dependent on that job.
    (7) Without the supply of high quality graduates the companies lose their cutting edge and start cost cutting instead of innovating.

    There is a national research council report which may be available from the National Academy of Sciences. Foreign STEM's are desperately needed and non-availability of H1B visas means fewer students will come as they are uncertain of getting a H1B. Here is an Indian example: The IIT graduate will go to Bangalore and earn enough from day 1 to own a nice apartment, have a chauffeur and a maid. On the other hand you want him to come to the US to work 6 years on a Ph.D getting a student stipend and no guarantee to stay and work. If you think this top brain will come you should be living in the world of Peter Pan.





    rvr_jcop
    03-25 02:19 PM
    I heard from the grapevine that UNITEDNATIONS will be the next USCIS chief - so folks better behave with him or he wil report ya all :D :D :D :D

    If it wasn't for UNITED NATIONS, I wouldnt have got my 140 approved 2 years ago. His guidelines on A2P saved me. And whatever he says, I take it seriously. Thank You UN.





    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
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    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.
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    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.
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    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.
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