More than 40,000 employees of mortgage lending institutions have been laid off since the start of the year, according to recent announcements and data compiled by Challenger, Gray & Christmas Inc., the Associated Press reported. Construction companies have announced nearly 20,000 job cuts this year, and the National Association of Realtors expects its membership to decline this year for the first time in a decade.

Companies announce layoffs almost daily as home values continue to decline, interest rates rise and an increase in foreclosures hits lenders. At this rate, the housing collapse could rival the massive layoffs in the airline industry after Sept. 11, 2001, when 100,000 workers lost their jobs.

On Wednesday, Lehman Bros. Holding Inc. shut down its subprime mortgage business, cutting 1,200 jobs at 23 offices; 1st National Bank Holding Co. in Scottsdale, Ariz., closed its wholesale mortgage division, laying of 541 workers; and Accredited Home Lenders Holding Co. cut 1,600 positions. This came after Countrywide Financial Corp. began an undisclosed number of layoffs this week and was before HSBC Holdings plc announced it would shut down a major financing office and cut 600 jobs.