So many jobs that won't be needed anymore
* realtors
* mortgage bankers
* appraisers
* new home builders
* developers
* investors
* title agents
* home depot clerks
but, then there are the new ones that will be needed
* bankruptcy lawyers
* credit counselors
* psychiatrist
* auctioneers
* foreclosure specialists
* prison guards
* real estate bloggers
The corporate parent of Orange-based Ameriquest Mortgage today said it would lay off 10% of its workforce — about 1,500 employees — as the long-running housing boom and demand for home loans cools off.
ACC Capital Holdings, which also owns AMC Mortgage Services and Argent Mortgage, would not identify where it would cut jobs or provide other details about the layoffs.
"The mortgage industry is entering a more challenging phase of rising interest rates," the company said in a statement. "In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon."
After benefiting for years from a booming housing market, mortgage lenders now face an industrywide slowdown as a rise in interest rates has dampened demand for refinancings and new loans.
November 19, 2005
The first 1,500 of millions - Ameriquest Mortgage to Cut 1,500 Workers
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4 comments:
Did you read this one?
Tim Sullivan, president of the Sullivan Group Real Estate Advisors, says:
"Housing 'bubble' a myth because economy too strong, say observers Fri Nov 18, 9:10 PM ET
"This concept (the housing bubble burst) is dangerous because there's a bandwagon that believes the market is going to change," He agrees there will be change. "Is it going to explode and pop? ... No. We don't believe the market is perfect. We do believe we're in a cycle."
Sullivan said a bubble can't exist because one of the necessary criteria for a bubble, a fundamental shift in the economy, is not present and will not occur.
As housing prices seem to be reaching unsustainable levels nationwide, there continues to be a belief in the presence of a housing "bubble" and its inevitable burst. However, real estate advisers say the belief is a myth since the market is a cyclical one in which change will always occur."
time will tell. very shortly though we'll know.
We've already seen two straight monnths of decline in median house value - proven, done, over, period.
So the ? is what will the world look like in say 6 months. Flat? Up? Down?
Supply and demand dictate one direction - down. You can't have an explosion in supply, and a lessening of demand, and have the price of the widget stay the same or go up. It just doesn't work that way. Econ 101.
When I go blogging, it often ends up a fruitless journey. I often think I'd do better if I just stuck with my own real estate sites ... and then I come across a blog like yours, and it make the trip worthwhile. Thanks. Visit my site if you have a chance.
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