Thousands of Jobs and the Housing Market
September 30th, 2008 AdminThousands of Jobs and the Housing Market
It really isn’t “news” to anyone that our economy is struggling in a major way. Only two years ago, the housing market was doing extremely well. Real-estate agents, mortgage brokers, and loan officers were raking in the cash. It an untimely sequence of events, the tide has turned.
Houses on the market had several bidders in 2006. People could still get 100% financing. The prices of homes kept going up and up and up. Looking back, these times were good. The housing market was controlled and stable. Now, everything is out of control and extremely unstable.
The same people who were thriving not long ago are struggling to make ends meet. The epidemic hit without any sort of warning. Everyone, including businesses, is looking for ways to bring in additional income. American Home Mortgage laid off over 7,000 employees, and that was over a year ago. Imagine how desperate things have gotten since then.
The housing market crisis has begun leaking into other industries as well. Financial experts, accountants, office personnel, software engineers, other computer IT people who once worked in the housing industry have been forced to look for other work. This influx of people who have come from the housing market have bombarded the job-search industry.
Have you seen that commercial where this guy is about to play hit a tennis ball and right before he hits it, a woman steps up and smacks it away from him? It then shows more and more people enter the tennis court, all trying to play with 1 single ball. The commercial is for a top-level job search company. However, there remains a lot of underlying meaning. Many people are battling over one job.
The American unemployment rate has gone up. Thousands of people have lost their jobs due to unforeseen circumstances. Nobody really saw this crisis coming. We need to ban together as a country and all work diligently to solve this problem. This isn’t a problem that is just hitting Wall Street or the housing industry. It is beginning to affect us all and we all need to be prepared to work together and get this crisis solved.