Tuesday, August 08, 2006

Hey, There's Always McDonald's

One school of thought says the Sacramento housing market will not collapse because the local economy is relatively strong. Just how strong, you ask? Well, here's one local real estate broker's take:

Just how good are the opportunities for finding work in our region? I was picking up a double-bacon-cheeseburger at the drive-up window of McDonald's last week and noticed a sign in the window that they are paying $10 an hour for new hires. I take comfort in knowing there is another career opportunity for me if this one doesn't work out.


Anonymous said...

yeah,but they won't hire felons.

Anonymous said...

The whole article is a joke and is just another pom pom cheerleading effort by an industry that's in deep trouble right now. With mortgage resets beginning June '06 we've just begun to see the inventory dump that will be gaining momentum over the next two years. Not to mention the layoffs in the custruction business that will continue to put the consumer and the economy at risk. Toll Bros. just announced a 47% drop in new homes under contract with no apparent bottom in sight.

The article doesn't share what type of jobs are being created but I'd bet that most are service related, low wage, hamburger flipping type jobs. All you have to do is drive through Natomas, note all the new franchises popping, and come to the conclusion that most of the new jobs don't pay enough to even help support a $3000 payment on a $400,000 home.
Suggest the author take that Mickey D job for $10/hr...Its probably a good way to survive selling real estate today.

Anonymous said...

hey that is funny. from Mcmansion to Mcdonalds.

Gwynster said...

What I find interesting is the wage difference between service jobs and clerical/administrative jobs is shrinking while the difference between middle class incomes and upper class incomes are rapidly increasing.

I can't wait to see the US census estimates for 2006. I suspect we'll see the trends in outmigration that appeared in 2003 - 2005 to significantly expand in 2006 and 2007 as the housing market forces more people to flee the state.