Tuesday, August 21, 2007
93% jump in filings for repossessions on the same month a year ago!
Data from consulting firm Challenger, Gray & Christmas said the housing industry had announced 87,962 job cuts so far this year - 75% more than recorded for all of 2006, with 41% linked to housing market troubles. Nearly a quarter of the year's cuts had been announced in August alone, it said. "Many companies expected the mortgage situation to implode. They've just been wondering when the bubble would burst," said chief executive John Challenger.