It's so dot-com all over again folks... When do we start talking "burn rates" with the mortgage brokers and lenders?
And remember, with millions of REIC going unemployed and unpaid, many of them will be putting their homes up for sale too, adding fuel to the fire they in the end created.
Mortgage Lenders Cut Payrolls
Mortgage lenders dropped 6,500 full-time employees from their payrolls in December, and the correction in the subprime sector is starting to show up in the government's job figures.
The U.S. Bureau of Labor Statistics reported that employment in the mortgage banking/broker sector declined from 501,200 in November to 494,700 in December. The BLS also revised downward the November and October job numbers, and the statistics now indicate that the industry cut 10,000 employees during the last two months of 2006
February 06, 2007
FLASH: 10,000 mortgage bankers / brokers fired in November and December, only 494,700 to go
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22 comments:
I think the dot com correlation is becoming more and more relavent every day....
I wonder if all of those over priced homes in the boonies where noone wants to live will be like the "growth stocks" with no real earnings...worthless at the end of the mania.
It is apparent that anyone who thinks renting is advantageous to purchasing is a retarded born fool, clod, dimwit, dolt, dope, dullard, idiot, imbecile, moron, nitwit, pea brain and simpleton. So what part of that don’t you understand dipshit renters? Stop jerking off on mama’s sofa and get a job!
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Wait a damn minute!!!!
Didn't B&B get on stage last week and tell us that everything looks fine and not to worry?
Remember in the movie the Godfather Micheal kissed his brother Fredo, and minutes later he was dead?
I think we all just got kissed!
RayNLA
hey that was gonna b greg swanns next career!
Couldn't happen to a better group of people as the "pushed, shoved, their adjustables with pre-payment fees etc. Smooth, fast talking reps. now can stand in line and try taking their talking skills as fast food drive-ins jobs applicants.
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The middle class will be visiting the ghetto soon!
RayNLA
Keith remember that most REIC don't draw a salary, they're commission-only, so they won't show up in the unemployment numbers
Nor will the illegals!
Friend just told me she met with a broker- she wanted to know what her payments would be with a "fixed" mortgage. Guy gives her numbers for an IO/Arm.
When trolls are as ignorant and rude as blowfly I often wonder if it isn't some HPer just trying to stir things up.
Ok so all thee brokers, realtors etc are no making money. And since they are not salaried they dont count as unemployed. OK fair enough.
Using that logic can you explain how tax revenues from personal income are were higher in 2006 compared to 2005? If all these millions of REIC employees are all of a sudden making $0 as you claim, you'd expect tax revenues to fall wouldn't you?
Blowfly said...
It is apparent that anyone who thinks renting is advantageous to purchasing is a retarded...
Please explain how you came to this conclusion. I would be very interested to see any arguments or explanations besides the rant you just gave. I would also like to know what you do for a living. You appear to have an intelligence inferiority complex for some reason.
Friend just told me she met with a broker- she wanted to know what her payments would be with a "fixed" mortgage. Guy gives her numbers for an IO/Arm.
++++++++++++
This is happening all over--outright LYING to the public. And then there's "bait and switch"--you think you're signing up for a fixed mortgage for some real estate but at closing the mortgage broker shows up with an IO/ARM....
"..............Ok so all thee brokers, realtors etc are no making money. And since they are not salaried they dont count as unemployed. OK fair enough.
Using that logic can you explain how tax revenues from personal income are were higher in 2006 compared to 2005? If all these millions of REIC employees are all of a sudden making $0 as you claim, you'd expect tax revenues to fall wouldn't you? ....."
I think the income tax revenue from the employees of a single large hedge fund would make up for the revenues of most of the losses seen by most of the RE clerks in the country, IMHO.
is a retarded...
wtf?????????
lol
Look at the mess Casey has caused!
think the income tax revenue from the employees of a single large hedge fund would make up for the revenues of most of the losses seen by most of the RE clerks in the country, IMHO.
So this is the new spin then. realtors lied cheated and stole. They caused the bubble. They profited from it, made obscene amounts of monet. Yet the 1 million plus group made less than a hedge fund.
Sure thing.
Anonymous said...
Ok so all thee brokers, realtors etc are no making money...
NAR publishes the Realtor incomes by percentile (example, X% between $11-50k, Y% between $51-60k, etc.). One of the housing bust blogs had the 2005 numbers posted about a month ago. I'm sure the 2006 numbers aren't out yet, but it will be interesting to see how the 2006 incomes will compare to 2005 incomes. I remember being shocked at how little money Realtors actually made in 2005 after all of the media hype about how they were striking it rich. Only 7% made $100k or more and the largest percentage made less than $30k.
Can anyone post that link?
Linky....
http://www.realtor.org/rmomag.NSF/pages/feat4july05?OpenDocument
david in jax,
A lot of realtors - I have no data on this just anectodally speaking - do it part time. Bored housewives, reirees, college kids even back in the day. They do a few transactions a year, maybe with family/friends as clients and make $20, 30K. It's not their job, it's their hobby.
These are the people who are now making $0 and will leave the business or have already done so by not renewing their licences. For most of them it doesn't really matter since it was play money to start with. It's not going to put them out on the street or force them to eat cat food. They'll go work at a book store now and make the same $20K a year they did selling 3 homes.
My wife does the same with photography. She does some weddings, sweet 16s, communions, etc on and off throughout the year. It's nice to have a little extra income but if all of a sudden she stopped, it woudln't affect us all that much. As a % of our total income, in a good year for her, she contributes 10%.
Who does the realtor hire to sell his house? Man is this going to get ugly - it's already picking up steam, hang on here we go!!!!!!!
Boy have times changed!
When I was a young'n, in the early 60's, and a factory worker in Chicago. A company(s) had layoff's from time to time as a result of supply and demand.....duh! It was also a gret way for the company to cut out the dead wood, get lean n mean.
When you recieved your pink slip, you left and went and looked for another job elsewhere....period!
Nowadays, you can protest and strike (with your union leaders) to stop the layoff's!
Then watch the company go under. Then you will be out of a job!
Get over yourselves!
Layoff's are no fun, but sometimes it's gonna happen!
I own a house and commute 4 ours to work everyday and spend the weekends mowing the lawn and fixing the crappy house. WOOHOO!!!
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