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Bubble more serious than reported?

RobVGRobVG
edited December 2007 in Housing Bubble
Just some anecdotal evidence.

We work in the housing construction industry. Almost 1/3 of our employees are laid off.

One of our main General Contractors let all their people go and moved out of state. Another is sitting on over 80 houses that aren't moving and they are not planning on building any new homes in the immediate future.

Maybe it a localized problem but It'll be interesting to see the next round of employment numbers for the state.

Comments

  • jillaynejillayne
    Many years ago, let me see if I can get the timing right...it was about 1989, 1990, I worked at a title company and I worked with lots of builders. It was no fun having to make a sales call on a builder to tell him that we could no longer insure his titles because he had not been paying his subcontractors (and hence the title company had to write the check to the sub in order to clear title so the title policy could be issued to the lender.)

    Here's how to check out what's happening locally, now: Look for an increase in lien filings by subcontractors against new construction homes. Title companies must act fast in a changing market or else they could face thousands in losses.

    Many title companies have laid off staff all across the Puget Sound region, closed branch offices, and some have even put their staff on 4-day work weeks.
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