According to reputable and respected journalists

George Avalos and Barbara E. Hernandez of the MEDIANEWS network, a two-year-old bill is about to become due for the San Francisco Bay Area as well as the rest of California in the form of job losses which have been triggered by the rather steep in the housing market, a recent forecast states.
Experience points to a lag time of two years between a peak in home-building activity and a pronounced slowdown, or even job losses, for industries whose fortunes are linked to the housing market, according to researchers with the UCLA Anderson Forecast. The economists studied four cycles involving housing slumps and the after-effects on the job market.
Job losses connected to the housing bust have already begun to come to the fore in some areas like the East Bay. Even more troubling is the fact that the early indicators seem to suggest that the Alameda-Contra Costa region is being hit quite a bit harder than the state of California, broadly speaking.
Over the past year, the East Bay has lost some eighteen hundred or so jobs in the normally robust construction sector. This is a decline of almost three percent. More info. at California news