Market about to be flooded with foreign buyers

[bubble_contagion]

So you are saying that ~250K immigrants that have been living in the US for up to 6 years (work visas last up to 6 years) are now going to stop renting and buy a house next week. It sounds that rents will go down around here.

Most immigrants like the engineers that work at Qualcomm have not waited for their green cards to buy a house. They do not need one to get a loan and, as long as they are employed, obtaining a green card is quite easy. There is little risk in buying a soon as you get off the plane.

BTW Every year the “backlog” is released at some point, just like this year.

[lniles]

no_such_reality table 1 is “family-based”, table 2 is “employment based”. The family-based ones are backed up, not the job-based.

Others: this is the first time since 2003 that the employment-based visa status became fully “current”. It is not a broken record and it’s not at all the same as last year or the year before… There is a flurry of activity amongst the people in my industry regarding this matter. I’m an engineering consultant and my client companies are all up over this town. Take this info as you wish, my suspicion is that this is one of many political attempts to slow the bubble implosion. Sure, people can buy without a green card but many hold off until their future is more certain. I just talked to yet another coworker who bought a townhome in 4S Ranch. I hope this is all just a coincidence, but one must keep his eyes and ears open to all possibilities in these crazy times.

[lniles]

no_such_reality table 1 is “family-based”, table 2 is “employment based”. The family-based ones are backed up, not the job-based.

Others: this is the first time since 2003 that the employment-based visa status became fully “current”. It is not a broken record and it’s not at all the same as last year or the year before… There is a flurry of activity amongst the people in my industry regarding this matter. I’m an engineering consultant and my client companies are all up over this town. Take this info as you wish, my suspicion is that this is one of many political attempts to slow the bubble implosion. Sure, people can buy without a green card but many hold off until their future is more certain. I just talked to yet another coworker who bought a townhome in 4S Ranch. I hope this is all just a coincidence, but one must keep his eyes and ears open to all possibilities in these crazy times.

[lniles]

PS If you know others here on work visas please ask them about their opinion on this and whether it affects their decision to buy. Then post it here.

[lniles]

PS If you know others here on work visas please ask them about their opinion on this and whether it affects their decision to buy. Then post it here.

[calidesigner]

I see this as good news through and through–bear with me a second now folks. After all, we need a certain amount of liquidity, i.e. buying and selling, for this housing market to keep sinking. If nobody buys at incrementally lower prices, how is the market going to decrease? I seriously doubt any number of few thousand new greencard holders is going to keep this market bouyant…in fact they may help set a new slightly lower comp in their respective neighborhoods.

calidesigner

[calidesigner]

I see this as good news through and through–bear with me a second now folks. After all, we need a certain amount of liquidity, i.e. buying and selling, for this housing market to keep sinking. If nobody buys at incrementally lower prices, how is the market going to decrease? I seriously doubt any number of few thousand new greencard holders is going to keep this market bouyant…in fact they may help set a new slightly lower comp in their respective neighborhoods.

calidesigner

[donaldduckmoore]

As far as I understand, “current” means the INS (currently USCIS) will start working on the cases after all these years of backlog. But that may take some time to clear, you know how efficient the INS works on their cases. It does not imply that they will get the visas immediately, unless I have a wrong interpretation on “Current status”.

[donaldduckmoore]

As far as I understand, “current” means the INS (currently USCIS) will start working on the cases after all these years of backlog. But that may take some time to clear, you know how efficient the INS works on their cases. It does not imply that they will get the visas immediately, unless I have a wrong interpretation on “Current status”.

[donaldduckmoore]

I agree, calidesigner.

[donaldduckmoore]

I agree, calidesigner.

[SD Realtor]

lniles I don’t think the influx of buyers you are talking about will serve to stall the downturn… if anything these buyers may prove to help in the short run, once they are done we will REALLY have no buyers and the market would serve to plummet. Additionally many of these buyers are astute and recognize the downturn as well. Some as you have pointed out have made the decision to buy, others will choose to wait.

Just my guess…

SD Realtor

[SD Realtor]

lniles I don’t think the influx of buyers you are talking about will serve to stall the downturn… if anything these buyers may prove to help in the short run, once they are done we will REALLY have no buyers and the market would serve to plummet. Additionally many of these buyers are astute and recognize the downturn as well. Some as you have pointed out have made the decision to buy, others will choose to wait.

Just my guess…

SD Realtor

[kewp]

What we really need is an influx of foreign banks with foreign money to create a new breed of toxic loans if we wanna save this pig!

[kewp]

What we really need is an influx of foreign banks with foreign money to create a new breed of toxic loans if we wanna save this pig!

[Author]

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