I have a slightly different view on this.  While I think it's possible we could get a lot of the easy work back from India, I also believe that the unnaturally low interest rates have to come to an end.  This whole 0% thing that the banks have been enjoying is not sustainable.  While raising interest rates a bit is not necessarily a bad thing for the economy (and might actually help growth), it would cause another slump in the housing market.  "May you live in interesting times."  This has certainly been interesting and I believe it will continue for at least 4 years.  Curse or blessing?  Time will tell.