The troubled U.S. housing market has led to nearly the same job-cut number so far this year as in all of 2006, an outplacement consulting firm said Wednesday.
Job cuts in the housing-related industries of real estate, construction and mortgage lending surged 346 percent to 21,245 in the first quarter from 4,764 in 2006's three months, Challenger, Gray & Christmas Inc. said.
The quarterly total nearly matches the overall 2006 total of 22,814, Challenger Gray said.
"While many have predicted that the housing market has hit bottom, the situation seems only to worsen as home builders continue to report slumping orders," Chief Executive John Challenger said. "Now we are seeing the impact hit traditional as well as subprime mortgage lenders, as demand for loans declines and the number of foreclosures skyrockets."
