CNN is reporting that in the month of September, Layoffs in the housing sector accounted for 37 percent of all job cuts.

Housing-related layoffs totaled 26,465 in September, while overall layoffs for the month totaled 71,739, according to Challenger, Gray & Christmas. The consulting firm considers mortgage lenders, construction companies and real estate firms the industries that make up the housing-related sector.

Challenger said declining home prices and an increase in delinquencies and defaults among borrowers has wreaked havoc on the real estate market this year, especially in the past couple of months.

Increasing delinquencies? I thought the mortgage mess was contained? Just keep drinking the Kool-Aid and pretend that none of this is happening. In fact, now may be a better time than ever to buy a house!

Honestly, I do feel bad for the legitimate people in the business who weren’t taking advantage of anyone and have lost their jobs. The sad part is the honest ones were probably those to lose their jobs first for not meeting targets/quotas.

Posted by KoolAidMan on Wednesday, October 3rd, 2007 at 9:39 am.