Here's a very interesting update on how real estate agents and brokers are doing in the current market conditions. I would add to this article my observations that a lot of real estate and mortgage sales people seem to be active in investment property as well.
From whirlwind to tailspin The San Diego Union-Tribune
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I assume that there are a lot of "hobbyists" (as the article put it) and part-timers who are not active right now but are keeping their licenses in tact so that they can return. An agent can do that right?
My point: we may not see a large decline in the official stats regarding the number of real estate agents even if the number of active real estate agents is actually declining pretty significantly.
In the past, real estate downturns were preceded by large losses of jobs.
This time, the real estate downturn will *cause* large losses of jobs.
Sales. Financing. Construction. Big-ticket items (home furnishings).
As those jobs evaporate, more homes will end up in an already flooded market.
This time, it appears that the loose lending and highly leveraged investors caused the bubble's creation - just like loose lending and highly leveraged investors created a stock market bubble in the late 1920's...
Hmmm....
Anecdotal Real Estate from Ohio . . .although this is a SD site, I just returned from Columbus and Akron/Canton areas of Ohio, and the housing market there is DEAD!. . .my sister said there are a lot of empty houses where people just have walked away. Most there blame ARMS and other bad loans which got people who could not afford a house into the market. . .they did not have a price bubble there - just a 10%-15% increase in prices. . .but now, prices are going down to 2001 levels. . .according to a story on Yahoo, Detroit leads the nation in house price decrease. Although all markets are local as they say, San Diego always has many "move ins" from across the country - if real estate is dead in AZ, NV, OH, and even Chicago area, who will be buying here???
sorry - my post above - hit the return button too soon.
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