Yes. I recall. And then the real s... hit the fan.

It is time for a correction but we will not see circumstances like those that followed in 2008 and the following years.

No doubt this was foreseeable once we saw interest rates rising.

2007 was a year I would like to forget but never will. I was sales manager for an upscale community where all the contracts for new construction were for cash. As prices plummeted defaults mounted. Who do you think paid the price?

Hello Caroline Gerardo market adjustment, but many homeowners refinance and took advantage of historical low rates.

All a distant memorie.  It seems that all have short term memorie problems.

I'd bet that these are mainly the refi departments and some assorted support staff and under performing people that it's easier to not "fire". 

When rates were stupidly low, EVERYONE was doing refis.  I know several escrow companies that survived the lockdowns on refis alone.  $$$   Now that rates are going up, up, and AWAY (like Superman) these units are being spun down because people aren't refiing into higher rates.

Lots of layoffs....much like back in 07. Crazy times, we'll see where things go.

Nay

I do recall. We have some interesting and challenging times ahead - that is for sure. 

Caroline Gerardo 

I do remember, as all the subprime lenders were biting the dust and leaving some buyers without a loan week before closing.

The same subprimers that just weeks earlier were recruiting their realtor friends because lending was so hot.  Lots of not so hot stories from that period.

Watch the hype and consider the source of the information. Of third-party opinions, there is no end. One should be the ruler of all they survey in their own world/backyards and remain open to everything else. 

Nope, don't remember as I really don't follow the mort industry as much as you'd think.

Those are days I would rather forget, bad time for real estate!

A lot of what is happening now is that refinances have slowed or stopped. I spoke to my preferred lender and they have seen this coming for a while which is why they stepped up their lender/realtor partnerships. They're actually hiring. I think we'll see people get out of the RE business as well.

I remember now that you mention it.  The layoffs are a pretty good indicator or where things are headed.  I also remember the massive layoff of lending staff back in 1987.  What is going to be interesting is the number of Realtors that leave the business.  Business got so bad after 2007, that even the unlicensed agents left the business!!

I miss having that website as a resource. With all the hiring done for Operations Staff amidst the recent refinance boom, these layoffs will be significant this time around too.

When one door closes another opens...

Some industries are laying off, others cant find enough people, more are hiring now than laying off.

No, I never saw a meter.  But I do remember working, grinding 7 days per week and learning massive lessons during the 2007-2011 Great Depreciation.