Do you think REALTORS and the REIC are starting to see that it's all over for them? That the good times aren't coming back? Should we care?
Stuck in the housing slump
Real estate has become a tough way to make a living. After some of the stormiest days in recent real estate history, the home sales downturn in San Mateo County is dragging lots of people through the mud.
The steep slide subprime mortgage crunch has tentacles reaching far and wide, well beyond the cuts among real estate agents, home loan companies and mortgage brokers.
The list of victims goes deep: contractors, title companies, termite inspectors, carpet layers, hardware stores, painting contractors and even the cities of the county, which depend on property taxes and home-sale transfer taxes for fire and police protection, libraries and other services.
"There's a lot of people out of business right now," said Geoff Craighead, president of the San Mateo County Association of Realtors. "Lots of people came in to get rich in the last few years, and now they've got to get realjobs."
January 08, 2008
Millions of REIC will lose their jobs during the crash. But are they smart enough to have figured that out yet?
Posted by blogger at 1/08/2008