Latest Headlines on OCRegister.com
[x] Close
- NEWS
- Auld Dubliner tries to break world record 36 minutes ago
- Corporate O.C. practices purposeful giving 2 hours & 27 minutes ago
- Fear, distrust surround Capo teacher negotiations 1 hour & 28 minutes ago
- Poll: Brown, Whitman deadlocked in race for governor
- SPORTS
- Bruins tailgate: 11-21-09 3 hours & 4 minutes ago
- UCLA stops Arizona State, 23-13 2 hours & 12 minutes ago
- Live updates from 'UFC 106: Ortiz vs. Griffin 2' 54 minutes ago
- Skater loses deal in fight over hockey stick 2 hours & 52 minutes ago
- BUSINESS
- ENTERTAINMENT
- LIFE
- TRAVEL
- OPINION
10,000 more O.C. real estate/finance jobs gone
March 16th, 2009, 12:07 am · 27 Comments · posted by Jon Lansner
Every winter, state job counters revise the past two years worth of local employment counts based on newer and deeper data becoming available.
Quite often, the new numbers are quite revealing. This year, my analysis of the research from the Employment Development Dept. shows that job cuts at Orange County real estate and finance businesses were far deeper than first reported.
- Initially, we thought that real estate and finance bosses trimmed 30,000 jobs between 2006 and 2008 — a 11% drop.
- But now we learn the two-year drop was 10,000 bodies worse than first feared — making it a 14% tumble.
- Note: nearly three-quarters of the newly discovered job losses falling in the construction trades.
If you think this is bad, overall O.C. lost 64,600 jobs over the last year!
Here’s a look at the key real estate and finance job slice in Orange County; how many jobs they average in 2008; what the EDD previously saw these categories lost in two years; the revised loss; and the difference between the two …
| Category | Jobs | Old 2-yr chg. | New 2-yr chg. | Diff. |
|---|---|---|---|---|
| Farm | 4,667 | 17 | -658 | -675 |
| Construction | 91,175 | -7,992 | -15,400 | -7,408 |
| • Construct buildings | 21,200 | -1,375 | -2,983 | -1,608 |
| • Heavy construction | 7,658 | -533 | -883 | -350 |
| • Specialty trades | 62,317 | -6,083 | -11,533 | -5,450 |
| Building supply | 10,867 | -1,225 | -1,575 | -350 |
| Lending activities | 34,125 | -17,425 | -17,825 | -400 |
| • Bank lending | 18,725 | 217 | 1,183 | 967 |
| • Non-bank lending | 11,058 | -9,783 | -11,100 | -1,317 |
| • Lending support | 4,342 | -7,858 | -7,908 | -50 |
| Other finance | 31,533 | -3,708 | -4,283 | -575 |
| Real estate/leasing | 37,358 | -1,583 | -1,783 | -200 |
| • Real estate | 31,167 | -1,217 | -1,350 | -133 |
| • Leasing | 6,192 | -367 | -433 | -67 |
| Bldg. services | 32,475 | 1,733 | 1,092 | -642 |
| All OC real estate/finance | 242,200 | -30,183 | -40,433 | -10,250 |
Other real estate stories …
… in the lending world …
… from South County …
… and Surf City:
ADVERTISEMENT
27 Comments
-
ADVERTISEMENT
-
-
Blog within a blog ...
-
HOW TO TRACK US
<!--
--> -
ADVERTISEMENT
well theres good news and bad news-
the good news is the government has come up
with a “stimulus plan” to jump start the economy-
the bad news is the government has come up
with a “stimulus plan” to jump start the economy-
their “stimulus plan” has about as much chance
of fixing the economy as paris hilton has of solving
rubics cube blindfolded- I suggest everyone learn
the fine art of home gardening- it will come in very
handy in the not to distant future–
http://eatclosetohome.wordpress.com/2008/01/22/starting-a-garden-from-scratch/
now that the housing crisis in OC has ended, jobs will start coming from summer, when all the bail out money comes into action
Own_debt,
.
The sun will always come out tomorrow won’t it?
.
You’ve been humming this tune for how long now?
.
Just incase you can’t read, we’re losing jobs at a record pace, not gaining them.
.
Clueless as usual!
Most of the lending jobs are gone FOREVER! You helped cause the housing bubble and crash, so too bad for you.
I’m just surprised that the job loses are not worse. Actually I believe they are much worse and these numbers are just inaccurate.
All of those unemployed lenders are remaking themselves in the “loan modification” business. For a fee, they can help get you out of the mess that they got you in.
Bill, having a bad morning, I see?
This is a true view of the current market situation we find ourselves in. We have seen a very similar situation in Salt Lake City, UTAH. The Salt Lake Board of realtors in the beginning of 2008 had about 10,000 real estate agents. Currently today we have about 6,500. It is very similar in the finance, and construction industries. It is going to be tough to pull through this mess, however I am sure people will adapt and find other things to do..
We’re suppose to feel sorry for these people, WHY? They were instrumental in causing the mess we’re in and if they’re out of work so be it.. Tens of thousands are are out of work because of there greed. Couldn’t happen to a nicer group .
IT’S ALL BUSH’S FAULT.
This mess has been created due to ignorance and greed. People blindly trusted the Bush administration to put the people first and this never happened, the loyality of the governement supported the Corporate machine.
Hang on people this is going to be a bumpy ride……. better fasten your seat belts
More BMW and MBZ cars on the used car lot.
Spencer,
OC is different from Utah.
There are more opportunities and $$$ in OC
Lee,
Yes, there are more BMW cars in used car lot.
People must be buying new BMW’s and selling off their old ones.
Saying your a RE agent is another way of saying, I’m unemployed.
You won’t see any headlines about this in the OCR. After all, they are just private sector workers. The headlines are reserved for the bloated and greedy public sector workers, particularly the teachers. The public trough feeders are considered the untouchable elite in our society and the OCR circles to protect them at all costs. 10,000 private sector workers get pink slipped and axed on the same day. Ho hum. No big deal. They will survive. Teachers get pink slipped 6 months in advance of getting laid off, which we know there’s a 90% chance the layoffs will never come to fruition……OMG! A TRAVESTY! SPLATTER THE NEWSPAPER WITH ARTICLES OF DOOM!!!!! CONTINUE TO REWARD THE ONES WHO SHOW THE POOREST PERFORMANCE AND ARE PUTTING ILLITERATES IN OUR WORKPLACES!
Why does anyone bother to respond to people like “own_home”?
That’s alot of jobs lost.
.
On the other hand, next time you’re out for dinner and have questions pertaining to RE or financing, you could simply ask your waiter or bartender to receive legitimate answers. Very sad times indeed.
# BOGEY Says:
March 16th, 2009 at 10:02 am
That’s alot of jobs lost.
.
On the other hand, next time you’re out for dinner and have questions pertaining to RE or financing, you could simply ask your waiter or bartender to receive legitimate answers. Very sad times indeed.
WHY WOULD U ASK YOUR BARTENDER OR WAITRESS, THOSE ARE THE OLD RE AGENTS NOW WORKING TO MAKE A PAYCHECK….LOLLL
Most of these people were just the crooks that got us into this mess in the first place. Greed apparently doesn’t last forever.
David Poggi:
I’m sure we’ll see a big blip in the next few weeks. A lot of layoffs occurred in the beginning of the year, and if you consider that many involve severance packages, those ex-employees won’t be filing for unemployment for x amount of days later.
own_home: rose-colored glasses anyone?
Dude! The housing crisis is NOT over. We haven’t even scratched the surface of neg-am foreclosures that are coming. Are people buying more homes right now? Yes they are. Rates are attractive and homes are a good value compared to what they were in the recent past. However, will values continue to fall? Yes they will. And homes will continue to become more affordable to more people. This is all good stuff and how an economy is supposed to function. I’m disappointed that the government is getting involved. They cannot stop the train wreck from happening! They can only delay the inevitable. The market will do what the market will do. In the end, those who are resourceful will benefit.
Now to say that people are out buying new BMW’s in order to replace their old ones is just plain silly and uninformed. A conversation with ANY car salesman will reveal the truth about the auto industry (in case you can’t read). Yes, there are people with money out there - and I’m sure that they are still spending. But most are going from their luxury cars to something with a lower cost or lower payment because they must. It’s nice to see some optimism, but even an optimistic attitude needs to be tempered with some real world information.
own_home Says:
March 16th, 2009 at 3:33 am …..now that the housing crisis in OC has ended.
.
Another LMAO dufus post from own_home
Home sales are 41 percent below the peak reached in July 2008. Foreclosures are way up in Feb and, of the properties sold at auction, 92.8 percent went back to the lender. The average difference between current market value and outstanding loan amount exceeded $200,000 for properties sold at foreclosure auction in February. This represents a 189% increase in negative equity when compared to properties foreclosed on a year earlier
.
Yeah sure, the housing crisis has ended in OC.
“We’re suppose to feel sorry for these people, WHY? They were instrumental in causing the mess we’re in and if they’re out of work so be it.”
“IT’S ALL BUSH’S FAULT.”
“People blindly trusted the Bush administration to put the people first and this never happened, the loyality of the governement supported the Corporate machine.”
Blame blame blame. It’s everyone’s fault except your own. The bottom line is if all American’s lived WITHIN their means, there wouldn’t be an economic crisis right now. You can blame banks for making bad loans, or you can blame Bush for not outlawing stupidity. It’s natural to blame others when YOU make dumb mistakes. But if you want the banks, brokers, and government to take some blame, why not set a good example by stepping forward and accepting your share of responsibility for this mess?
There is one simple rule for financial happiness. Live within your means. If you didn’t do this over the past 5 years, then YOU are to blame.
Wolfy Says:
March 16th, 2009 at 9:04 am
IT’S ALL BUSH’S FAULT.
******************************************
Just go to this link, watch, and learn…
http://WWW.youtube.Com/watch?v=cMnSp4qEXNM&NR=1
The bottom line is that it’s both the Democrats’ and Republicans’ fault (for just squabbling and not taking necessary actions) as well as the lenders’ (for bad lending practices and greed) and borrowers’ (for making bad decisions) fault that we’re in this mess. You need to see the “big picture” in everything to be able to see the truth in things.
Wow, losing 64,600 jobs in the last 12 months is very scary! Will this effect the population of the area or will people still be able to afford to live in the OC and find new jobs!?
Liar Loan.
I think the bulk of everyone’s anger in here is just that. We all sat by and did the responsible thing and are now suffering because of the other idiots. We want to blame someone, so why not the greed of Corporate America? If they had followed their lending rules, then the idiots living beyond their means wouldn’t have got the bad loan to begin with and home prices would never have elevated to the level that they did.