Job Losses Accelerate, Signaling Deeper Distress

Anecdotal reports suggest that the hemorrhaging in the job market has only begun. Companies that announced plans this week to cut jobs include Internet company Yahoo (1,500 positions), pharmaceutical company Merck (7,200), National City bank (4,000) and Comcast, the cable company (300).

i think the massive tech layoffs will trigger the next leg down in the silicon valley RE market. so far the SV has been a pocket of strength in the state, which has a 7.8% unemployment rate. what we'll see is that EVERYONE, qualified or not, paid too much for homes which take two above average salaries to pay for each month .

http://www.washingto...e...ness&sub=AR

ed rader

Edited by ed rader, 23 October 2008 - 12:33 AM.

amen on that... i think they will have to adopt the Japanese model if they are going to force renegotiation of mortgage terms - to lower the monthly, they will extend the term out to 99 year mortgages, so the future generations will be screwed in yet another way.

amen on that...

i think they will have to adopt the Japanese model if they are going to force renegotiation of mortgage terms - to lower the monthly, they will extend the term out to 99 year mortgages, so the future generations will be screwed in yet another way.

my house cleaner just lost her house. the bank agreed not to raise her mortgage for another year but she opted out because her husband, a carpenter, doesn't have regular work and they are going deeper in the hole every month even at the current mortgage rate.

ed rader

Edited by ed rader, 23 October 2008 - 11:22 AM.