Monday, September 18, 2006

Exodus from Real Estate

From Reuters:

Jump ship or pink slip for some realtors

They are jumping ship or receiving the pink slip. America's real estate agents and mortgage lenders, that is.

Now that the glory days of the most recent U.S. housing market are over, its deterioration is taking a toll on employees who profited from its record-breaking five-year run.

With home sales slumping and loan demand diminishing, layoff announcements and resignations have become increasingly common, evidence that the sector's slump is broad.

Carmen Cook, a veteran real estate broker, saw the writing on the wall and decided to retire earlier this year.

"The market changed and my job became more difficult," she said. "I was working just as hard and the income wasn't coming in."
...
"All the brokers are hustling right now, but the income is not coming in the way they are accustomed to," she said.
...
The mortgage lending industry has not fared much better, with layoff announcements totaling 8,513 during the same period, a rise of over 70 percent year-over-year, according to data provided by the company.

30 Comments:

Blogger grim said...

From the Orlando Sentinal:

Slowing homes market puts Realtors out on the street

If local home sales are dropping, it stands to reason that the number of people selling homes would fall, too.

Look for membership in the Orlando Regional Realtor Association to decline by about 10 percent next year -- which means 1,200 unemployed Realtors hitting the streets.

That's what happens when any market changes dramatically. When home sales soared, so did the number of Realtors. Local membership has tripled since 2001 to 12,000.

9/18/2006 06:00:00 AM  
Anonymous Anonymous said...

Blame yourself grubbing realtors.

You pumped up the market way beyond rationality and now buyers cannot trust anything you bums say.

It was a boring weekend for desperate sellers and starving realtors. Balloons and signs all over the place.

Everyone remember the RE pimps saying housing never falls. Never fell ever on a national basis.

Well it's about to happen again. First time the great depression now this time after the biggest bubble in American History.

IF YOU DO NOT WANT TO BE A LOSING BAGHOLDING UNDERWATER FOOL DO NOT BUY A DEFLATING HOUSE. OVERPRICED BY 30% JUST TO FAIR VALUE.

It's not 2004 or 2005. Accept it grubbers. Going down the drain.

9/18/2006 06:29:00 AM  
Anonymous Anonymous said...

which means 1,200 unemployed Realtors hitting the streets.

Thank goodness so many part-time, untrained, inexperienced agents will be gone.

But as the article points out, with 3.2% unemployment in Orlando, they'll likely have no problem finding another job.

In what fields should they look first, do you think?

9/18/2006 06:35:00 AM  
Anonymous Anonymous said...

“I've never seen anything like this in my life,” said Herman Petrecca, a real estate agent with ReMax Associates in Warminster. “I've got a bunch of properties sitting on the market.”

You ain't seen NOOTTT"""ING yet!

When the biggest baddest bubble in history blows up it is going to be a free-for-all. Sellers desperately trying to find a buyer at any price shortly.

9/18/2006 06:36:00 AM  
Anonymous Anonymous said...

RE agents.

What a worthless lot, but they are not the only guilty party.

btw-Where is my paycheck?

SAS

9/18/2006 06:37:00 AM  
Anonymous Anonymous said...

Do Not buy a depreciating house.

You will regret it.

9/18/2006 06:38:00 AM  
Anonymous Anonymous said...

“Potential buyers, knowing that sales are weak, are hammering away at price reductions. ‘They (buyers) won’t get back in until numbers are considered reasonable,’ said Jim Link, executive VP of the Southland Regional Association of Realtors..”

“It’s common now to drive around the Valley and see ‘price reduced’ signs on lots of for-sale signs, so buyer reticence is exerting downward pressure.”

Reasoanble = 30% discount off of 2005 peak prices Not some fantasy dream price.
Go ahead pummel away!

9/18/2006 06:46:00 AM  
Anonymous Anonymous said...

Sellers desperately trying to find a buyer at any price shortly.


At any price?

Shortly?

If you're saying this just for dramatic effect (over and over again, I might add) fine.

Where are your facts, please?

If I came in and said that the bubble is over and that prices would begin to rise next year, I'd be attacked.

Why does this this guy go unchallenged?

9/18/2006 06:57:00 AM  
Anonymous Anonymous said...

Saw my former agent the other day - looked like a car just ran over her dog.

9/18/2006 06:57:00 AM  
Anonymous Anonymous said...

If I came in and said that the bubble is over and that prices would begin to rise next year, I'd be attacked.

Why is it that RE pimps can't ever admit house prices went to insane levels?
Your fearless leader just admitted that speculators/flippers are toast and that house prices increase at inflation +1 or 2%.

So if this is the case inflation +1 or 2 % appreciation for housing how do you explain 80-100% price increases in 5 years?

Any dolt can see that prices went to far?
Unless
Unless you are a RE pimp.

9/18/2006 07:00:00 AM  
Blogger grim said...

Why does this this guy go unchallenged?

Counterpoint tends to burn out quickly here.

grim

9/18/2006 07:01:00 AM  
Anonymous Anonymous said...

what a bitter,bitter lot this group has become. been following for a while now. i hope its because its monday. calm down... some very nice people are also losing their jobs out there. (no, not a realtor or with hidden agenda). it's like watching philly fans BOOO santa claus. lighten up.

curious

9/18/2006 07:02:00 AM  
Anonymous Anonymous said...

Welcome to the new home of Garden State MLS’ public search engine. Currently, there are 32,196 properties advertised for sale in NJ on our site.

Go ahead spin this record inventory. It's a buyers market? right?
NOT!

It sounds like you are the bitter one. No commish. Hhhmmmm.
No transactions No commish. But it's a great housing market. Righto!

Many will swoop down on saps like you in a few years and buy a few things at real sane prices. No different than the last bubble pop. Just this one is going to be louder.

9/18/2006 07:10:00 AM  
Anonymous Anonymous said...

Go ahead give me the rebuttle to this?

Why is it that RE pimps can't ever admit house prices went to insane levels?
Your fearless leader just admitted that speculators/flippers are toast and that house prices increase at inflation +1 or 2%.

So if this is the case inflation +1 or 2 % appreciation for housing how do you explain 80-100% price increases in 5 years?

Go ahead explain away!

This blog and the internet is a great vehicle to reveal the truth. To many RE pimps out their with their own agenda to cloudy the facts. Now this blog and others expose the gimmicks and BS!

9/18/2006 07:14:00 AM  
Anonymous Anonymous said...

Anon 7:35, re newly unemployed realtors: "In what fields should they look first, do you think?"

Well, I'm getting a flood of "hot stock tip" spam these days...!

Seems like a logical lateral career move to me.

9/18/2006 07:31:00 AM  
Anonymous Anonymous said...

Counterpoint tends to burn out quickly here.

It doesn't burn out, it just gets tired of being called names.

Wacko
Jack-ss
RE pimp

And a few more.

9/18/2006 09:40:00 AM  
Anonymous Anonymous said...

Agreed; counterpoint is not welcome here. I posted previously to provide a counterpoint and the name calling started. So now, for the most part I just read.

Its too bad too because I think Grim is providing a very valuable asset her that would benefit if other points of view not fitting into the dominant paradigm were not riduculed condescendingly.

9/18/2006 09:55:00 AM  
Anonymous UnRealtor said...

RE: "counterpoint"

Seems the main "point" around here is that now, or in the near future, is the worst time to buy a house in history.

Is there a counterpoint to that? And if so, how does it reconcile with the facts:

http://tinyurl.com/e4so5

9/18/2006 10:01:00 AM  
Blogger thatbigwindow said...

If you want counterpoints go to

www.realtor.org

This site was developed before mainstream media began covering this absurd housing bubble. Visitors to this site were getting the other side of the story. Now that the other side of the story is in the spotlight, you want counterpoints? We have been dealing with counterpoints for the last 5 years!!!

As far as name calling goes, I don't think anyone should be calling anyone names...especially since we have been called names for the past 5 years, but 2 wrongs don't make a right.

9/18/2006 10:09:00 AM  
Anonymous Anonymous said...

Now that the other side of the story is in the spotlight, you want counterpoints?

I would think that you would want just that.

Irrational exuberance works both ways, you know, as many of the posters here prove every day.

9/18/2006 10:27:00 AM  
Blogger thatbigwindow said...

I would think that you would want just that.


I have been hearing it for 5 yrs now I want some good news

9/18/2006 10:36:00 AM  
Blogger thatbigwindow said...

before I found this blog, I thought I was the ONLY one who couldnt afford anything in this area. An AAA meeting will not tell you the benefits of drinking

9/18/2006 10:37:00 AM  
Blogger chicagofinance said...

Anonymous said...
Counterpoint tends to burn out quickly here.
It doesn't burn out, it just gets tired of being called names.

Wacko
Jack-ss
RE pimp
And a few more.
9/18/2006 10:40:05 AM

fair point

9/18/2006 10:57:00 AM  
Anonymous Anonymous said...

It's hard to accept a counterpoint after years of parabolic price growth. How can one justify 20% growth per annum for the past 5 years? Prices went higher because rates were brought ridiculously low. Now that rates are back into the historical normal range, prices will adjust too. But agreed, name calling is just as ridiculous.

9/18/2006 11:06:00 AM  
Anonymous Sugee said...

"Reasoanble = 30% discount off of 2005 peak prices"

In my area that would be the 2004 prices !

9/18/2006 12:22:00 PM  
Anonymous Anonymous said...

Hey, I remember 1998, when people quit jobs to become at-home day traders. A lot of them are STILL looking to get their former careers back on track. Why should this asset bubble be any different--things didn't get this way because everyone was too smart.

-Jamey

9/18/2006 12:34:00 PM  
Blogger patient homebuyer said...

most newjack realtors and mortgage "pros" will just move on to the next
sure thing

the ones who were here before this insanity will still be around when
things get back to normal in a few years

9/18/2006 12:43:00 PM  
Anonymous dreamtheaterr said...

How about seeing an increase for perfume-squirting applicants at Macy's??

9/18/2006 01:01:00 PM  
Blogger skep-tic said...

people who have serious counter arguments should present them. about a week ago, I came up with a list of reasonable counterpoints to the bubble collapsing which I then reasonably debated with another poster.

the key is that you must have real facts to support your argument. most bulls who come on this site cannot respond to the evidence that Grim and others present that the market is getting worse month by month.

people here have been watching the market closely for a while and have seen many predictions about the market's resiliency come and go.

That said, I'm sure everyone could benefit from a reasoned discussion as to why they might be wrong.

9/18/2006 01:09:00 PM  
Anonymous Anonymous said...

In what fields should they look first, do you think?

How about waiting on tables at Taco Bell!

9/18/2006 03:15:00 PM  

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