Real Estate effects Agents to Home Depot employees
Real Estate Market is still showing the effects from the fall. We hear about it on the news everyday. Today I heard that Home Depot may be laying off employees and freezing the pay of some executives. I know Real Estate investors, agents, lenders and home builders who all are hurting really bad. Here are some of their stories:
Real Estate Investor Story
I know many Real Estate Investors who are going through some challenging times. One for instance bought three places down in Florida in 2005. He had contacts in Florida from Investors, Lenders and agents. He did his due diligence when deciding on these places. Two were houses and one was a lot. At the end of 2005 after another bad hurricane season the Real Estate market started falling. In 2007 he sold both of the houses and basically only lost about $8000. His big loss was in 2008. The lot that was appraised in 2005 for over $150,000 now was work $18,000. He still owed $125,000 on it. Ouch… He did a Dead in Lieu of Foreclosure with the Lender and now has to deal with tax issues this year.
Real Estate Agent
You probably know Real Estate agents and know they may not be doing well. I know quite a few of them and some of them have gotten out of the business. I know one who is looking for a night job. I also know of another one who is selling his house because he can’t afford it currently.
Home Lender
Mortgage business is another industry hurt of course. We see it every day about the Foreclosure rate keeps going up and banks have been hit hard by the losses. With home sales down of course so are the loans. Banks have tightened up lending practices and is making it harder for people to qualify for loans. The rates have came down which will help some but still it is a challenge. In the good times many people entered the Mortgage Lending business. One guy I know had two offices, a staff of about 12 people and now today he has closed both offices and working out of his house.
Home Builders and Re modelers
Another industry hurt. People aren’t building new houses like they were and aren’t remodeling there homes with the current Economic worries. Two people I know closed up there businesses and got a full-time job. Another one has been living basically off his savings over the last year and being doing some small jobs here and there. Another friend has ad his hours cut down and for the last three weeks laid off.
When is it going to end
The Real Estate fallout is effecting so many people in so may businesses. Now we are seeing it effecting Home Depot. I hope we are about at the bottom of the market and ready to rebound. But I don’t have a crystal ball. What is your thoughts? If you have any stories please send them in and we will possibly post them. Also please join my facebook and Linkedin using my e-mail listed on my about page. Have a great day. Add to Technorati Favorites
Leave a Comment