With all of the job loss in the region’s real estate related industries, it’s no surprise the economy is changing. (See the graph at Nerd’s Eye View of the year-to-year change in employment by sector.)
But this is a story of more than numbers. I’m working this week to speak with a few people who’ve felt firsthand the spillover effect of the slumping market — from title and escrow officers and assistants to former employees of subprime lenders to construction supervisors.
One self-employed loan processor I spoke to today made a great point. For many people in the mortgage industry, the market’s proving a risky double dip: their incomes are dwindling (or they’re losing their jobs altogether) while their homes depreciate or their loans reset, placing them in trouble on their own mortgages.
If you’ve had to change jobs or you’ve lost your job, or you know someone who has, I’d love to hear from you. Your story will help tell the bigger story of how San Diego is dealing with these market conditions. Click my name below to send me an e-mail.