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March 18, 2009

Immigrants Can Help Fix the Housing Bubble

Filed under: economy,FYI,Government,H1B,housing,US — 7macaw @ 10:09 am
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An article in the Wall Street Journal suggests that, “The Obama administration should seriously consider granting resident status to foreigners who buy surplus houses in this country.”

In order to reduce the excess inventory of houses, it is suggested to “offer permanent residence status to the many foreigners who are clamoring to get into the U.S. — if they buy houses of minimal values (not shacks). They wouldn’t need to live in those houses, but in order to remove the unit from the total housing market, they couldn’t rent them.”

According to the article, “Each year, 85,000 H-1B visas are granted for foreigners with advanced skills and education, and last year, 163,000 petitions were filed in the first five days after applications were accepted. The Ewing Marion Kauffman Foundation estimates that as of Sept. 30, 2006, 500,040 residents of the U.S. and 59,915 individuals living abroad were waiting for employment-based visas. Many would buy homes if their immigration conditions were settled.

These people tend to be highly productive. In 2006, foreign nationals residing in the U.S. were listed as inventors on 25.6% of the patent applications filed in the U.S., up from 7.6% in 1998. A Council of Graduate Schools survey found that in the fall of 2007, 241,095 non-U.S. citizens were enrolled in graduate programs. Some 55% were in engineering and the biological and physical sciences, compared with only 16% of U.S. citizens. In 2007, more people on temporary visas received doctorates in physical sciences and engineering than U.S. citizens.

January 7, 2009

Fed Minutes Offer No Comfort

According to Forbes: “The U.S. Federal Reserve sees an economy mired in recession, with only a slow march to improvement into 2010.”

“Most members of the policy-setting committee expect the economy to recover slowly in the second half of 2009, with an aggregate contraction in the country’s gross domestic product for the year, and a significant rise in unemployment into 2010.”

“[..]they expect the worst financial crisis in more than a half century is going to get even worse. In addition to putting further pressure on U.S. home prices, the unemployment rate will also rise above 11.0%, they projected.”

November 20, 2008

Crisis Monitor at Flickr: Sacramento, California

Sign Waver job only

Sign Waver job only

Photo: CrisisMonitor

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