More flies in the California Bubble ointment:
thehousingbubble2.blogspot.com
Saturday, October 22, 2005
San Diego Real Estate Jobs Decline
The San Diego Union Tribune has noticed a trend in real estate employment. "San Diego County added only 300 jobs last month, dragged down by layoffs at local construction companies. San Diego construction companies, which have long been the main driver of local employment growth, cut 200 positions last month. And that may be the shape of things to come, economists warn."
"Alan Gin said the construction layoffs are one more sign that the housing boom, which has created jobs for builders, mortgage brokers and real estate agents, is winding down. 'The number of home sales is down, price appreciation on most homes is not as great as it used to be, and it's taking longer to sell homes,' Gin said. 'That could mean less growth in construction work.'"
"There were signs of trouble in other employment sectors as well. Financial services cut 200 jobs last month, largely related to real estate and mortgage operations. Scientific services cut 400 jobs."
"Ryan Singer, economist at the San Diego Regional Chamber of Commerce, warned that the economy is likely to worsen in coming months, as high fuel costs and rising mortgage rates force consumers to cut their spending. 'We're entering a period of risk for the national economy, which will show up here as well,' he said. 'Energy-related prices, higher interest rates and the growing realization that housing prices may have peaked means that people will get a lot more cautious.'" |
