Seattle-Based WaMu Shrinks As Housing Cools
Although cooling in the housing market may not have reached Seattle just yet, some of its effects are being felt here:
Responding to the cooling housing market, Washington Mutual Inc., the largest U.S. savings and loan, said on Wednesday that it was laying off 2,500 support employees in its mortgage unit.I don't think this would be a good time to be in the mortgage or realty business, as far as job security is concerned.
The Seattle, Washington-based company said it was also reducing the number of mortgage processing offices to 16 from 26 and sending some of the work to "lower cost domestic and offshore locations."
(Wire Service, Reuters, 02.15.2006)
(Associated Press, via Forbes, 02.15.2006)
4 comments:
Don't they know that it's different this time? That real estate only goes up? Hello?
How can you say that cooling has not begun?
Check the Zip Realty list and see for yourself how many properties have undergone *reduced pricing*.
Also check the *Days on the Market* numbers on Zip.
I don't know, I think that what I'm seeing right now on the MLS lists is not something that would have happened 2 years ago.
I would be very very careful if I were a buyer right now- unless I had money to burn of course.
dukes, thanks for the numbers.
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