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Home arrow Real Estate News arrow General News arrow Realtors choose from jump ship or pink slip

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Realtors choose from jump ship or pink slip
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Monday, 18 September 2006

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NEW YORK - America’s real estate agents and mortgage lenders jump ship or receive the pink slip.  Deterioration of the glory days of the most recent US housing market takes a toll on employees who profited from its record-breaking five-year run.  With home sales slumping and loan demand diminishing, layoff announcements and resignations have become increasingly common, evidence that the sector's slump is broad.

The market changed and my job became more difficult.  The lending industry is also seeing an exodus of employees. While many people are opting to voluntarily exit their companies, some housing-related employees are being forced out the door through layoffs, a trend that has increased dramatically this year.

The mortgage lending industry has not fared much better, with layoff announcements totaling 8,513 during the same period, a rise of over 70 percent year-over-year, according to data provided by the company.

Employment in the real estate and mortgage industry peaked at 504,800 in February, according to the Bureau of Labor Statistics. In June employment was at 503,100, a noteworthy decline given that the sector gained jobs at a rapid pace for most of 2001 through 2005.

The U.S. housing market's boom undoubtedly benefited U.S. homeowners, but it also supported the economy's recovery from a recession. During this time, housing-related jobs flourished, perhaps more than any other field.

As business volume continues to drop, the weak will get weaker and the strong will get stronger. When things shake out it is going to be the better sales men and women that will stay. 

Real estate always comes back from any slowdown or recession and goes on to achieve higher level. It is important to remember that while a slowdown can be difficult for many real estate brokers, it also can be an opportunity to build a business.

 

Edwina Baniqued

 

 
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