Post by unlawflcombatnt on Nov 8, 2007 4:00:26 GMT -6
from E-finance Director:
37% of Sept Job Cuts Connected to Housing Industry
Oct 03, 2007
"As the housing slump deepens, more and more people are finding themselves out of work. Mortgage companies made the most job cuts in August and September, and more are expected in the coming months.
2007 Housing Related Job Cuts...
Countrywide Financial 11,520
Masco 8,000
American Home Mortgage 6,000
First Magnus 5,940
New Century 5,200
Lennar 4,400
Capital One Financial 3,900
Stock Building Company 3,500
ACC Capital Holdings 2,600
Sun Trust 2,400
Lehman Brothers 2,050
Residential Capital 2,000
Pulte Homes 2,000
First American 1,900
ABN Amro Mortgage 1,700
Washington Mutual 1,640
Accredited Home Lenders 1,600
First Horizon 1,560
UBS 1,500
HSBC Mortgage 1,460
IndyMac Bancorp 1,400
Option One 1,390
National City 1,300
WMC Mortgage Corp 1,221
USG Corp 1,100
LandAmerica Financial 1,100
Aegis Mortgage 1,000
September Job Cuts
Housing Related Layoffs:
26,465
Total Layoffs:
71,739
Source: Challenger, Gray & Christmas Inc.
Housing related layoffs accounted for a whopping 37 percent of all layoffs during the month of September, consulting firm Challenger, Gray & Christmas Inc. said Wednesday.
Mortgage companies, real estate firms, and construction companies have been cutting jobs since the beginning of the year. Of the 587,594 job cuts made between January and September of 2007, 17 percent have been directly connected to the housing sector.
Last year, during the same period, the automotive sector was the shakiest--housing related job loss accounted for only 2 percent of the total....
A total of 130,000 jobs have been lost in the financial sector this year-the bulk of them have been related to the subprime mortgage business.
According to Challenger, mortgage companies have contributed the most to the accelerated job loss, cutting 70,000 employees in the first nine months of 2007. Of the 70,000 job cuts, 52,000 were made in August and September alone.
With no bottom in sight for the housing market, it is likely that housing related job loss will continue in the coming months."
37% of Sept Job Cuts Connected to Housing Industry
Oct 03, 2007
"As the housing slump deepens, more and more people are finding themselves out of work. Mortgage companies made the most job cuts in August and September, and more are expected in the coming months.
2007 Housing Related Job Cuts...
Countrywide Financial 11,520
Masco 8,000
American Home Mortgage 6,000
First Magnus 5,940
New Century 5,200
Lennar 4,400
Capital One Financial 3,900
Stock Building Company 3,500
ACC Capital Holdings 2,600
Sun Trust 2,400
Lehman Brothers 2,050
Residential Capital 2,000
Pulte Homes 2,000
First American 1,900
ABN Amro Mortgage 1,700
Washington Mutual 1,640
Accredited Home Lenders 1,600
First Horizon 1,560
UBS 1,500
HSBC Mortgage 1,460
IndyMac Bancorp 1,400
Option One 1,390
National City 1,300
WMC Mortgage Corp 1,221
USG Corp 1,100
LandAmerica Financial 1,100
Aegis Mortgage 1,000
September Job Cuts
Housing Related Layoffs:
26,465
Total Layoffs:
71,739
Source: Challenger, Gray & Christmas Inc.
Housing related layoffs accounted for a whopping 37 percent of all layoffs during the month of September, consulting firm Challenger, Gray & Christmas Inc. said Wednesday.
Mortgage companies, real estate firms, and construction companies have been cutting jobs since the beginning of the year. Of the 587,594 job cuts made between January and September of 2007, 17 percent have been directly connected to the housing sector.
Last year, during the same period, the automotive sector was the shakiest--housing related job loss accounted for only 2 percent of the total....
A total of 130,000 jobs have been lost in the financial sector this year-the bulk of them have been related to the subprime mortgage business.
According to Challenger, mortgage companies have contributed the most to the accelerated job loss, cutting 70,000 employees in the first nine months of 2007. Of the 70,000 job cuts, 52,000 were made in August and September alone.
With no bottom in sight for the housing market, it is likely that housing related job loss will continue in the coming months."