The Bay Area is facing a setback in its regional economy for the second month straight. September saw the loss of 4,700 jobs, making it the worst month for unemployment in the Bay Area region since February 2010. The loss comes just as holiday shopping and the hiring season are approaching. 

While some smaller metropolitan areas like Napa County and Solano County added jobs, employers shed 1,300 jobs in Santa Clara County and 1,700 in the San Francisco-San Mateo region in September.

August saw a similar loss of jobs, with 2,400 reported across the region.

According to the Mercury News, these job losses stem from some employers cutting positions and some employers being unable to hire. As for the latter phenomenon, economists attribute this to skyrocketing housing prices. Workers simply can’t afford real estate costs in much of the region, resulting in employers being unable to fill positions quickly. Other potential workers may be deterred by the prospect of a lengthy commute slogging through heavy traffic.

Experts say this slowdown in the Bay Area’s economic growth is no longer temporary. Unless real estate costs in the region start to cool, the slowdown could likely continue.