Real estate flood of layoffs

The flood of layoffs – some 21,000 since the beginning of the month in the real estate, construction, and mortgage-lending industries – is one way the Federal Reserve can see real impact on the economy from the turmoil in the markets. It's not just guys in hard hats looking for work; it's also white-collar workers. Many of these jobs in finance and real estate are relatively high paying, which has helped car dealerships and high-end retailers. To be sure, all sorts of jobs are affected, because when a house changes hands, a small army of brokers, appraisers, pest-control inspectors, title searchers, and lawyers send out invoices.