was one. I've fired people before. Every time they knew exactly WHY they were fired. You at least owe that to them. Even a RIF or layoffs like this, a simple explanation of the numbers, without being specific, would be nice.
We're overleveraged in debt, profits have fallen 15%, whatever, losses have tripled, whatever. Say something to sound like you're not randomly chopping heads, even though I have zero doubt that's what he did.
Then ZERO forward looking sunshine pumping either. Nothing like saying with these layoffs we will be able to retain our blah and expand blah, and hopefully we can grow and learn from this and one day have many more jobs to offer. Some crap like that. But ####. It was bad. AWKWARD is an understatement.
too many people have bought houses way over value in the last couple of years. A lot of people are underwater but they don't realize it because zillow says their house is worth a lot more than it is. It doesn't take much of a percentage to sink the lenders, they have a lot of risk with not a lot of profit. They are certainly better off than they were 15 years ago, but it's coming.
space did not allow growth. We looked at a lot of office space and I vividly remember looking as some space in South Park, former mortgage lender, totally empty - no one there, but still had computers, and some personal effects on desks, really weird. I thought nothing of it. LOL.
I don't think you know what the housing market is still like in most markets. The house I'm in now is worth about ~$350K more today than it was 13 months ago, and would sell immediately at that price. I saw one down the street do it (twice).
You can think people "paid too much", but most of those folks could resell today and make money.
I wish I had bought the 2nd house I was under contract with in March. I could sell it now and net $90K.
but this is different than 08 as you still have to have the down payment or the CASH to put more down to beat out your competitor, its not funny money or like 0% down/2% mortgages. At least that is how I see it from far away.
Getting a loan is much like a financial colonostomy now. No one is getting any "free money", and as much of a hassle as it is putting > 60% down with excellent credit, I can't imagine how it is trying to by a house with <20% down and meh credit. It may not happen.
If it somehow turns into a bubble that many want to think it is, it won't be from the housing side. Demand is high and supply is low. It's very doubtful houses will ever be less than than they were 18-24 months ago, at least in my area. I can't buy the same house now that I could just 6 months ago.