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Yesterday the Las Vegas Review-Journal ran an interesting story about the glut of Realtors in Nevada. The number of licensed agents in the state more than doubled over the past six years and now stands at north of 36,000. There are now 19 agents for every 1,000 residents in Nevada, a record high.
The article goes on to portray one agent who joined the business in 2001 and has recently had to pick up other jobs, including selling home improvement and commercial cleaning services. The broker made his first sale in months recently with a house on the market for seventh months. His costs to stay in business, which include $400 a year to be a member of the Realtors association and $290 every six months to access the multiple listing service data, are one reason why the number of brokers listed as inactive by the State Division of Real Estate is expected to rise. Home sales are off about 26% in Las Vegas.
You can read the whole article at:
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.