According to an article in today’s Seattle Times, New Century Financial has closed its doors in Bellevue, leaving about 40 people unemployed for now. New Century worked primarily in the sub-prime market and made 4733 residential loans totaling $973.7 million in Washington state last year.
While this alone would not have a huge impact on the local real estate market, it may be a sign that the sub-prime mess will have a trickle down effect. Afterall, it is 40 less jobs in Bellevue and over 4700 loans that won’t be made this year or next …
What are your thoughts about this?
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