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Coping with a Real Estate Bust

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September 21, 2007 – Comments (2)

is the title of a Time Magazine article which contained this little tidbit:

To a remarkable extent, housing drove the entire economy. Real estate, residential construction and three other housing-related Labor Department job categories together add up to 6.6% of U.S. employment. But they accounted for 46% of the new jobs created in the U.S. between January 2001 and May 2006, when the sector peaked.

So that is just about half of the 8,000,000 jobs created in that time. I hope they have saved at least 6 months expenses.

 

2 Comments – Post Your Own

#1) On September 21, 2007 at 4:02 PM, billddrummer (40.61) wrote:

  I hope they have saved at least 6 months expenses.

Well, I didn't.  I got my house reappraised in April 2006, the peak, and did a cash out refinance that, as it turned out, became a poster child for the mortgage and real estate market crisis.   And to add to the irony, I entered the mortgage industry at its peak, too!  Check my blog for details.

http://caps.fool.com/Blogs/ViewBlog.aspx?t=01001136468628885338

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#2) On September 21, 2007 at 10:54 PM, devoish (98.58) wrote:

I have been following your blog and I am admiring the progress you are making to fill the hole you have found yourself in.

Regards,

Steven

 

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