Market about to be flooded with foreign buyers

[lniles]

Indians, Chinese, Mexicans, and Philipinos on work visas received news this week that their pending change-of-status requests have been suddenly moved to “current”. These have been on backlog for several years, and there are many. From these, hundreds of thousands will be granted green cards. There are 226,000 family-sponsored immigrant allowals and 140,000 employment-based. I already know several who have bought a house in SD this week. More will come as many who were unsure of their future residency are now realizing it will be here.

http://travel.state.gov/visa/frvi/bulletin/bulletin_3258.html

See the 2nd table. A “C” means all visa change-of-status requests from those countries are now “current”. Until now they were backlogged to 2003.

I suspect this is an underhanded political strategy to throw our bursting bubble economy a lifeline by increasing the consumer base. I’m sure it’s related (feel free to again call me a conspiracy theorist) to Bushy’s shot-down immigration bill. Either way, for San Diego it is a huge deal and may perpetuate the “irrational exhuberance” for some time. Think Qualcomm, SAIC, biotech, and other immigrant-laden sources.

[JWM in SD]

Yes, and they will all make 150K / yr right off the boat and buy $800K homes…..ahahahaha right……

[JWM in SD]

Yes, and they will all make 150K / yr right off the boat and buy $800K homes…..ahahahaha right……

[donaldduckmoore]

I don’t think it will become a big problem on housing market. First this is talking about their working visa. Once they get a green card, they will have to wait for 5 years in order to start applying for their family members to come to the States that will take another 8-10 years. That is a long wait. Second, if they make $150000 a year already, it does not seem to be a problem buying a house right now or before, why wait. Besdies, i know that a lot of immigrants waiting for green cards already bought houses, including me, we do not have to wait until we get our green card to buy a house. Their coming or not may not cause a tremendous problem to the housing market in a short time, i am talking about 3-4 years. Not to worry.

[donaldduckmoore]

I don’t think it will become a big problem on housing market. First this is talking about their working visa. Once they get a green card, they will have to wait for 5 years in order to start applying for their family members to come to the States that will take another 8-10 years. That is a long wait. Second, if they make $150000 a year already, it does not seem to be a problem buying a house right now or before, why wait. Besdies, i know that a lot of immigrants waiting for green cards already bought houses, including me, we do not have to wait until we get our green card to buy a house. Their coming or not may not cause a tremendous problem to the housing market in a short time, i am talking about 3-4 years. Not to worry.

[lniles]

Exactly right, JWM. I’m one of ~3 ‘mericans in a local company of ~200 employees. Several of my coworkers– who are not FOB but have been here on visas– have done just that ($729k SFR in 4S Ranch, $540k townhome in Torrey Highlands, $700k SFR in Penasquitos). All married couples with combined incomes >=~ $150k.

[lniles]

Exactly right, JWM. I’m one of ~3 ‘mericans in a local company of ~200 employees. Several of my coworkers– who are not FOB but have been here on visas– have done just that ($729k SFR in 4S Ranch, $540k townhome in Torrey Highlands, $700k SFR in Penasquitos). All married couples with combined incomes >=~ $150k.

[lniles]

donaldduckmoore, isn’t it kind of risky to buy a house while you’re waiting on a green card? What happens if it is denied and your work visa is not renewed?

[lniles]

donaldduckmoore, isn’t it kind of risky to buy a house while you’re waiting on a green card? What happens if it is denied and your work visa is not renewed?

[donaldduckmoore]

Lniles, I am not sure, but I have seldom heard that the work visa will not be granted a green card. It is just a matter of time for how long they have to wait. It is not that risky. Even if it is denied, they can just sell the houses. But houses are an essential part of life, if they have enough savings, why wait except for waiting for a housing bubble to burst.

[donaldduckmoore]

Lniles, I am not sure, but I have seldom heard that the work visa will not be granted a green card. It is just a matter of time for how long they have to wait. It is not that risky. Even if it is denied, they can just sell the houses. But houses are an essential part of life, if they have enough savings, why wait except for waiting for a housing bubble to burst.

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

I think this will serve to drive down wages and increase unempolyment at least in the short term.

Why hire a 100k a year U.S. College grad when you can hire a 40K a year hungry imported one.

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

I think this will serve to drive down wages and increase unempolyment at least in the short term.

Why hire a 100k a year U.S. College grad when you can hire a 40K a year hungry imported one.

[kewp]

Why hire a 100k a year U.S. College grad when you can hire a 40K a year hungry imported one.

Because there are a ton of 40k a year, hungry domestic ones available?

I really, really think the 100k+ job market is much smaller than many people here make it out to be.

[kewp]

Why hire a 100k a year U.S. College grad when you can hire a 40K a year hungry imported one.

Because there are a ton of 40k a year, hungry domestic ones available?

I really, really think the 100k+ job market is much smaller than many people here make it out to be.

[Author]

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