Many readers see anecdotal evidence of the collapsing housing bubble at the mall. "If you look at graphs in the SD Union Tribune article, it appears that the housing market tanked just before/at the same time unemployment went up. The poor job market DID NOT cause the housing bubble to collapse; it exacerbated it, IMHO. I believe this will happen again."

"Speaking of jobs…My family and I went to a local mall (North County Fair in Escondido) tonight. There were closed stores EVERYWHERE. Three (or more) restaurants in the food court, and **at least** 15 to 20 stores have closed that were open just a month or two ago, from what I can tell. In one mall."

"Also, heard from more than a few people in the last three weeks (in LA and SD) that traffic seems lighter. Anyone else seeing the same?"

Another added, "It is happening around here in SE MA as well. The two malls closest to me have multiple stores that are empty, including some pretty big spots. One of them is an outlet that had over several years worth of waiting lists to get in."

"One thing to keep in mind with many of the malls in San Diego is that they are owned by the same group. Rents have been pushed up agressively in the past couple of years from everything I’ve heard. Many of the smaller, unique local stores have been pushed out by larger chain prestige brand stores coming in who can pay higher rents and have much deeper pockets. When even these places start folding, it’s definite that people’s spending habits are switching gears."

Another, "The Gap employees have been murderously following me around while I’m shopping to tell me about their new pants or sales lately. It is really quite frightening!"

One from Phoenix added. "See today’s jobs report: Retail lost 43,000 (I think). I’ve noticed less traffic in Phoenix. Also, a bit of anectodal evidence: my neighbor is part owner of a large mortgage company in Phoenix, and they’ve dropped from 70 to 50 MB’s since the beginning of the year. I also know guy that quit his bartending job early last year to become a MB. Bet he’s back at the bar."

An update on the mortgage business. "Ameriquest Mortgage Co.'s decision to close all 229 of its retail branches and eliminate 3,800 jobs follows a steep decline in its lending volume. The Orange-based lender said loan volume plunged 46% to $2.6 billion in the first quarter from $4.8 billion a year earlier."

"With interest rates rising, fewer people are looking to refinance, triggering a wave of layoffs in the industry and leading to predictions that weaker lenders would be acquired or shut down. Competitors such as Saxon Mortgage in Glen Allen, Va., and ECC Capital Corp. in Irvine have closed retail offices to save money."

"The 3,800 job cuts announced Tuesday, from a staff of 11,000 people, did not include reductions at Ameriquest Mortgage's biggest sister company, Argent. In addition to employees at Ameriquest's branches, about 400 at the company's headquarters were handed pink slips."