Mortgage Jobs Plummet Again

Employment in the mortgage industry plummeted by 25,100 full-time positions in September, following a 26,800 drop in August, as the mortgage shops of major lenders and securities firms continue to reduce their payrolls.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/broker sector fell from 428,700 in August to 403,600 in September. The latest numbers show that 100,000 jobs -- 20% of the mortgage industry work force -- have been lost since October 2006. At the same time, "construction employment has fallen by 124,000 since its peak in September 2006, driven by losses in residential construction," BLS acting Commissioner Philip Rones said. The BLS can be found online at http://stats.bls.gov.