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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (57567)	10/4/2006 12:09:57 PM
From: mishedlo	Respond to of 116555

nysun.com Veteran real estate broker Deanne Esses, who plies her trade as a senior vice president at one of the city's biggest firms, Bellmarc Realty, said eight people in her Upper East Side office on Madison Avenue are leaving their jobs for alternative careers. Those eight represent 20% of the office's sales staff of 40. That's only the beginning. Ms. Esses said she thinks more New York City brokers will be leaving the scene. "Business here is just not quiet; it has dropped dead over the past few weeks," she said. "At the same time, there's a flood of inventory on the market. We run open houses, we run advertisements, but nothing works. There are no buyers, and without buyers, there are no sales." Given the housing slump, such departures — the latest wrinkle in a once-booming real estate market — could become a lot more conspicuous. In recent years it's estimated that the ranks of brokers expanded nationally by more than 200,000 at new and existing real estate firms. With the housing slowdown accelerating, many more career changes are likely. In effect, the end of the current real estate boom is also signaling the end of the seemingly nonstop national flight into the real estate brokerage business by those folks who figured such an entry was practically a guarantee of a lucrative six- or seven-figure annual income. In the 1960s, there was a popular Peter, Paul & Mary song: "Where Have All the Flowers Gone?" Don't be surprised, judging from the weakening housing picture, if New Yorkers aren't soon humming: "Where have all the brokers gone?"

To: CalculatedRisk who wrote (57567)	10/4/2006 12:13:32 PM
From: regli	Read Replies (2) \| Respond to of 116555

Faux News and not a faux pas? zmag.org "It would not be impossible to prove with sufficient repetition and psychological understanding of the people concerned that a square is in fact a circle. They are mere words and words can be molded until they clothe ideas in disguise." - Joseph Goebbels