40,000 Jobs Lost in Mortgage Industry
Aug 23rd, 2007 by Ginger Wilcox
40,000 job lost in the blink of an eye. It is incredibly sad to see so many jobs lost. This article in SFGate is an excellent summary of what has happened this year. The construction industry has lost 20,000+, and the National Association of Realtors reports declining membership as well.
Some of these losses can be a good thing. Hopefully the untrained and unscrupulous will go away. Real estate has been booming over the last five years. Sellers have made easy money, as have loan brokers and real estate agents. A leveling out of the market is not a bad thing. A leveling of the playing field for buyers and sellers is ok.
How many more mortgage companies will go down before it levels out? How far up will rates goes? Where will housing prices go?
These are all excellent questions, which we can only speculate at.
Ginger, I have a good friend who is a stock trader. Not a day trader but a professional stock trader on the floor. When they have a market correction, they are somewhat happy. He says it’s because the unprofessional day traders that make trades based on chat room rumors and hunches lose their shirts and leave the playing field. That purges and purifies the system leaving just the Pros behind.
As a Mortgage Professional going on 14 years I can only hope the same thing will happen to our fine industry.
Mike, I couldn’t agree more! We could use a little purging & purifying!