California, New York see rise in people losing their jobs | Santa Clara County High's and Low's

 







  • California and New York see a rise in people losing their jobs.

Introduction: Job Losses in California and New York

California and New York see a rise in people losing their jobs. What does that mean? Losing their jobs. Yeah, they're getting laid off. What's going on?

Why it matters. 




Analyzing the Layoff Trends

In November layoffs increased in Caa California and New York marking a sharp contrast to national trends where overall layoff and discharge rates remain stable according to data from BOL. Almost 90, 000 people got laid off in California and in New York, 40, 000.

The rise of layoffs in these two States, particularly striking as industries and other regions have started stabilizing. Analysts point to economic pressure, including challenges in key industries like tech and California financial services in New York as driving these trends. 





Personal Stories and Economic Implications

How many people do you know that have been laid off in the last couple of months in the last six months of a year or two years ago?

I know people who work for Cisco and haven't worked in a year and a half. I know recruiters just aren't being hired right now because there's not a need for recruiters in tech right now. I know people who have been laid off for two years and they're just sitting, waiting, they're applying every day.

This be the precipice to a downturn? I don't know. I don't think so. 

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Industry-Specific Layoffs and Opinions

I mean, if anything is just a way to clear the clutter out the bottom 10 percent of nonperformers and down here, it actually, I think this guy right here, Kevin Thompson, CEO of 9i Capital Group said, Are due to companies reducing their pandemic era workforce bloat.

I don't remember workforce bloat. I remember people saying that they don't want to work or they're going to work remotely, but I don't recall a massive increase. Employees during the pandemic. So I don't know about that in August revealed plans to cut roughly 15, 000 jobs due to disappointing earnings and Cisco systems, which does this cyclically, 

I know two people who have worked for Cisco. For years, decades, and they're laid off. Mostly because of ageism, right? And it's a thing. I get it. Nothing you can do about it. I guess you could do a class action lawsuit against the entire National Association of Realtors national association realtors, but who wants to pick that up and what value would a lawyer get out of something like that?

New York, on the other hand, has faced challenges with large private equity and financial firms, relocating to Miami and South Florida because of taxes. That's just normal type of stuff. So I think all in all. It's just something to be aware of. If you're interested in reading this article, it's in my blog.

The blog link is down below and in all the descriptions that I have.  

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Real Estate Highlights: Los Gatos Home of the Week

Los GatoDrivee of the week, Alamandra drive. 5 million, four bedroom, three bath, 2, 500 square feet built in 2022. This looks like it's a little family compound. We'll take a quick look at it. Looks like there's a couple houses.

There's an ADU up on top of the garage for your adult kid who doesn't want to be in your household but can't afford to live there. This looks pretty compact. Not very woody. I like that shower. That's a nice shower. These showers are nice. Dormer rooms. This means it's in the second story.

And the rooms are framed out to the roof. There you go. And this is what the apartment looks like upstairs above the garage. And a floor plan. Nice. We had 67 total listings with price reductions in Santa Clara County. I think I picked out this guy right here.

What in bedroomsl is this? 1. 85, four bedrbasic-lookinga half bath. Very basic-looking AAPA apartment style. This should be a commercial, residential, commercial building located, on a busy street. So the valwhatsn't there. I'm not sure what they'll do. And so you Thesare get in and look at it. These are the four, highest and lowest sold and active sales. This one is Glencoe sold for just a little bit under listing price, six bedrooms, six and a half baths, 4, 500 square feet.

And it's basically brand new. It was sold last year and, and lost this year, last week. Let's take a look at the sale one. Oh, it's the lowest sale price. 730, 000 two bedrooms, one bath, 797 square feet. Yeah, people used to live like that back in World War II,p post-World War II, right?

Duringbrand-new boomers, this was a brand new house, and it was the standard. Two whole pictures, there you go. Not much to say other than this is in San Jose, but that's it. A baby boomer type thing. And here's the listings right here. Price reductions are almost 11 percent of the active for sales.

Whereas during the holidays we saw go up to 22%. There you go.  

Concluding Thoughts and Future Predictions
  • Santa Clara County High's and Low's
That's Tuesday.

I didn't do it yesterday because it was MLK day and I just did it a few minutes ago, It's going to be a hectic year. There are going to be a whole lot more sellers putting their houses on the market. The buyers are still there. I don't think that we'll have a glut of inventory.
I think we're still going to be starving for inventory, even though people want to move. I think people have sat in their houses long enough. The pandemic was 2020. And we're at 2025 people typically move every 5 to 7 years. And if they're in that mode to get out, this is the time that they're going to do it.

In the next couple of years, I think we're going to see our inventory rise. Thanks for watching. I'm Buto with Avatano. We'll see you out there.



Vito Scarnecchia
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