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County Sees Monthly Job Gain in March; Yearly Loss Still Staggering

By Michael Lyster

Orange County Business Journal Staff

Orange County added jobs in March versus February but unemployment continued to climb as yearly job losses remained at a level not seen since the 1990s recession.

The county’s unemployment rate was 8.5% last month, up from a revised 8% for February and 4.5% a year earlier.

There were some bright spots.

From February to March, the county’s nonfarm employment rose by 1,600 jobs to 1.43 million workers.

Construction, one of the hardest hit job sectors, led the monthly increase with a gain of 900 jobs. Subcontractors landing work on the few construction projects going on in the county led the increase.

Professional and business services added 400 jobs in March from February, while government added 600.

But the county continued to lose a staggering number of jobs on a yearly basis. In March versus a year earlier, the county lost 71,900 jobs, a 4.8% decline.

The drop was just shy of February’s 72,300 yearly jobs losses, the highest so far during the current recession. Both months are on par with the worst yearly job losses of the 1990s downturn.

The trade, transportation and utilities segment showed the biggest yearly loss in March, declining by 18,500 jobs. The segment includes retail jobs, which made up 60% of the group’s losses.

Construction jobs were off by 15,300 for the 12 months through March, with specialty subcontractors bearing most of the losses.

Educational and health services recorded the largest increase for the 12 months by adding 1,700 jobs.

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Quick Facts
. C.A.R. is the first statewide association in the nation to offer a mortgage protection plan for consumers

. Approximately 3,000 households expected to receive assistance in first year

. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward program

LOS ANGELES (April 2) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP) for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.

“The Mortgage Protection Program was developed to help ease the anxiety of consumers who are concerned about potential job loss and its impact on their ability to pay their mortgage should they purchase a home,” said C.A.R. President James Liptak. “It also provides peace of mind to those buyers who are actively searching for a home.”

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in three or more years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed)

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® ( www.car.org) is one of the largest state trade organizations in the United States, with nearly 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Housing Affordability Fund (H.A.F.) is a non-profit 501(c)(3) dedicated to addressing California’s housing crisis . It receives donations primarily from REALTOR® members and REALTOR® associations committed to addressing the housing problem in California. H.A.F. raises and distributes funds and partners with other groups to promote housing and homeownership and address housing opportunities locally and statewide.

If you wish to get more real estate information, please visit me:

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RSM Pending Sales

RSM Market Activity Index

Buyers who have been fence sitting are jumping into the market to take advantage of sub-5% interest rates, 1st time buyer tax credits and hot, hot deals.  Why rent when you can buy?  Prices are finally affordable and very close to rents.  For example, a Sierra Verde RSM condo plan A -2 bedroom, 2 bath 1100 sqft w/ a 2 car garage - can be caught for around $270,000, this same unit would rent for $1,750month.  The monthly payment including HOA & taxes with a 10% down loan program is $2,150.  The tax savings from the mortgage interest and mortgage insurance decuctions as well as the tax credit gets a buyer pretty close to the rent cost.  These tax savings allow the buyer to give themselves a raise in the form of lower income tax withholdings, putting more monthly income in the homeowners pocket.  Visit the RSM Real Estate Webiste for more interesting articles, links & a home finder search.  http://www.RanchoSantaMargarita.Ning.com
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