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Real Estate Sector Sees Jobs Increase

July 5, 2013

mortgage interest rates  


The latest data on mortgage jobs was weak, with employment in the
sector falling. But across all industries, employment expanded -- driving up
already high rates.

Preliminary government data for May indicate that there were 292,200 people
employed in the mortgage industry during May.

Jobs in real estate finance were up from a month earlier, when the total was an
upwardly revised 293,000 people in the business.

The data, which was supplied by the Bureau of Labor Statistics, indicate that
the industry has expanded from the same month last year, when a downwardly
revised 264,800 mortgage employees were in place.

Contributing to the decline between April and May were JPMorgan Chase & Co.,
with 1,340 positions eliminated during the second quarter; Legacy Group Lending
Inc., where 300 layoffs in Bellevue, Wash., occurred during May; and Homeward
Residential Inc., which cut 185 jobs in Jacksonville, Fla., during the second
quarter.

Included in the latest figures were 212,500 employees in "real estate credit,"
down from a revised 213,100 in April. During the same month in 2012, there were
198,100 people in this category.

Employees classified as "mortgage and nonmortgage loan brokers" accounted for
79,700 of mortgage jobs, off from the previous month's 79,900. In May 2012, the
total was a revised 66,700.

The BLS, which is a division of the Department of Labor, reported that U.S.
unemployment was 7.6 percent in June, the same as May.

But far more significant was total nonfarm payroll employment, which increased
by 195,000 in June -- a strong showing.

The bond market was jolted by the jobs news, with the price of the 10-year
Treasury note plummeting 1 19/32 in early trading. Bond yields move up as bond
prices fall.

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Source: Copyright 1MG 2013

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