Thousands losing jobs in housing crisis

[Blacknbengal]

Thousands losing jobs in housing crisis

Just 2 years ago, real-estate agents and mortgage brokers were rolling in cash. Now they've become job seekers left high and dry in the housing bust.


By David Koeppel, MSN Money

An ailing market has taken its toll not only on buyers and sellers of real estate but also on people working in the industry, where less than two years ago everyone seemed to be making money.

In 2006, multiple buyers still lined up to bid on homes, 100% financing was practically a given, and prices kept rising, seemingly without limits.
Fast-forward to the present, when the subprime-mortgage fiasco has led to the demise of many big mortgage lenders and small banks. Thousands of jobs have been lost. Many real-estate agents who thrived during the boom years are now finding it difficult to make ends meet and are leaving the business or looking for additional work to supplement their incomes.
Chart: Who's out of work now?

Many who lived the high life are now sucking wind.
"No one ever saw it coming," Nick Vasilakis says.

Rest story

 

[MsJag4Jag]

"No one ever saw it coming," Nick Vasilakis says.

Where has he been? In a black hole? I saw this coming 7 years ago! The housing bubble had to burst at some point. Right now now many are buying and not many are granting loans. This bailout is needed. Otherwise I see a total collapse in the economy.

 

[Da_Sperm]

Where has he been? In a black hole? I saw this coming 7 years ago! The housing bubble had to burst at some point. Right now now many are buying and not many are granting loans. This bailout is needed. Otherwise I see a total collapse in the economy.

The bailout is a band-aid for a broken bone. All its going to do is make you feel better for about 2 seconds. If the government bails these banks out, then the government at some point HAS to get or try to get its money back. What will happen is the government will sell what it bought for probably 30 cents on the dollar and the tax payers will need to make up the difference.

The reason why the republicans are in favor of the bailout because they know the companies lined up to buy this investment from the government for 30 cents on the dollar are their donors. The tax payers will be left with the bill!

 

[jelli]

Who is really to blame the folks that were buying houses they knew they couldn't afford? The banks for extending the loans to folks that couldn't afford the houses they were buying? I say all of the above but who not give the money to the people instead of the banks.

 

[nevaehinvesting]

Loss job...

My friend was making $280K/yr as a mortgage broker two years ago. Nice house, car, office, employees... Well, he didn't save ANY of money his money. Now, since the market downturn, he can't pay his bills, lost his business and had to move in with his girlfriend.

Sometimes, if you make a high income for a few years in a row then money can cloud your judgement. You spend it because you think you'll always have it.

 

[jelli]

Loss job...

My friend was making $280K/yr as a mortgage broker two years ago. Nice house, car, office, employees... Well, he didn't save ANY of money his money. Now, since the market downturn, he can't pay his bills, lost his business and had to move in with his girlfriend.

Sometimes, if you make a high income for a few years in a row then money can cloud your judgement. You spend it because you think you'll always have it.

Your friend should have followed the stuff in this Thread

 

[FAMU CLIFF]

Ummmm.....When they were getting loans for folks to buy houses 5 times their income at 110% financing with poor debt to income ratio, how could they NOT see this coming. I did.