I’m sorry for the “Bah, Humbug!” news on Christmas Eve, but I just found some not-so-good news at Jon Lansner’s blog today. Appatently, the continued cooling of OC’s once-red-hot real estate market is causing job losses for all sectors, from mortgage lending to home construction, with ties to real estate. And as all these real estate related jobs are being cut, overall employment here in OC is being dragged down.
Take a look for yourself:
Orange County real estate and finance jobs fell last month to their lowest level since May 2005, as bosses slashed 11,300 jobs since November ’06Ã‚Â – the largest yearly drop since 1991. Lending jobs alone are off by 7,000, placing them at their lowest count since May 2003. And the state’s count does not track the self-employed or the off-the-books workers, which have been hard hit, too. [...] The real estate/finance drop pushed overall O.C. employment down 3,400 jobs in a year, worst decline since August 2002.
Youch, that’s got to hurt! My cousin’s partner lost her job at a mortgage company earlier this year, and she hasn’t been able to find a replacement job since. Fortunately for them, my cousin still has his construction job, and they can make do off of his salary alone. But what about all those who aren’t as fortunate as my cousin’s family? This latest news makes me think about how all these poor folks losing their jobs are spending the holidays.
So do you know anyone who’s being affected by the real estate slowdown? Do you know someone who has recently lost his/her job because of the slowdown? And how much more suffering will we have to endure before the market rebounds and people get jobs again?
I’m sorry again for the bad news on Christmas Eve. It just troubles me how the pain in the real estate market is spreading around so quickly. It just makes me stop and think as I prepare to turn off the computer and celebrate the holiday.