The housing market growth has had a trickle-down effect on job creation. All kinds of real estate jobs have come back into the labor market that weren’t there before. Employers may be concerned about not being able to meet the demand for workers.
Pasadena, CA (PRWEB) February 21, 2013
The latest data released by the S&P shows a decrease in the national default rate for the past month. The national default rate was at 1.63 percent in January, the latest signal of a rebounding housing market. The industry’s momentum has been best reflected in the growing demand for real estate workers seen on Granted.com.
In a report released this week, the S&P Consumer Credit Default Indices showed a downward trend in the national default rates. The January national default rate was at 1.63 percent, a decrease from its 1.72 rate in December 2012. The drop in the national default rate was the latest encouraging sigh of a strengthening housing market. The data was in sharp contrast with the housing market just a year ago, when the national default rate stood at 2.16 in January 2012.
The latest housing figures corresponded with a consistently improving job market for those in real estate, as seen by employment data on Granted.com. After a severe market contraction when the housing market collapsed, the labor market is now experiencing growth it is has not seen in years. At the time of this release, 10,153 jobs in real estate were listed on Granted. Of those, 1,716 were in real estate sales and 1,365 jobs were in real estate property management.
“It has been absolutely amazing to see the turnaround in the housing market over the past year or two,” said Harrison Barnes, CEO of Granted.com. “The growth in the housing market has really had a trickle-down effect in terms of job creation. We’ve seen all kinds of real estate jobs come back into the labor market that weren’t there before. There is very real worry on the employer side that there won’t be enough people to meet the demand for workers.”
Much of the job demand occurring now is a direct result of the recession. At the lowest points of the economic recession, employee attrition rates were high across the board for real estate work. From brokers to real estate lawyers, people left the industry in droves because they could not find work. Now that the housing market is again beginning to pick up, many of those jobs are coming back again. There is particular need for employees with mid-level real estate experience. Individuals who managed to stay in real estate even in the down market are a rarity and their additional experience makes them even more marketable in the labor market.
Granted.com is a job search site based in Pasadena, CA. It is a part of the Employment Research Institute and owned by A. Harrison Barnes.