Since the beginning of the year, there have been well over 40,000 jobs lost in the mortgage industry. I hate to say, I will not lose too much sleep over it. Not that I am cold hearted, it is just that we tend to forget those that will be effected the most as a result of the current "opportunities" facing all of us.
The mortgage side?...40k is a ton of folks...most of the folks involved in the "front end" of the industry entered that job market in the past few years.....they did not migrate from lending...to lending. Most will go back to retail or wherever they came from? The "back end" folks will go back to Dr's offices, accounting firms and other administrative positions that are readily available. Every local and regional paper has MANY of this type of job posting. Not too hard to find another job....just not the "easy money" they once had. Back to reality. Although their families will be effected in the short run, it is an easier transition with little trickle down effect. Paper, staples, Monster Beverage Company, Coffee?....some effect...just not anywhere near the effect the downturn in housing starts will surely have.
The loss of jobs on the construction side, in my opinion, is the biggest problem we are facing. Do you even stop to think about Ol' Bill the framer?....what about the roofer, sheetrock, cabinet maker, electrician, plumber and....all of the products and people associated with the building industry.....lumber, manufacturing, steel, copper, concrete and all of the workers down the line...Specialized tradesmen and women..Think of all of the products and people effected. . From basic commodities to computer systems, the chain is long and nearly endless.
The real estate agent side is not too different than the mortgage side.... A near mirror with a higher median age group. Many will leave....just as quick as they entered real estate. Did most ever even practice real estate? They too will go back to their "regular" jobs. MANY industries lost large percentages of their workforce to the real estate industry over the past 5 years. They will now...get them back.
I still worry about "Bill the framer" though....and everyone down the line. Specialized tradesmen and women with no where to go. Most tend to look down on them and disregard the effects of real estate greed will have on
them. We tend to look at the 20 something that will now be faced with losing the BMW, the ROLEX and all of the other STUFF we use to gauge success (Poor kid lost their BMW...what now? Awwww). Dont forget about Bill though. For he...and other men and women like him, form the largest percentage of our population. They will lose not a BMW, Mercedes or Rolex. They will lose the BASICS...food clothing and shelter. And they are not just 40,00 strong.....They are the Millions. They are the ones we should have a true concern for. They are the ones that will truly be needing and deserving our help. A fine time for all of us to look at our priorities and....lose some STUFF.
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Christopher Walker - REO Broker and Realtor with Mission Grove Realty is a proud member of the Active Rain real estate network.
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