Massachusetts market dropouts The Boston

Massachusetts market dropouts The Boston Herald newspaper reports that the number of licensed real estate professionals in the state has dropped about 1,300 over the past year, according to statistics from a state agency. There are still about 82,722 licensed real estate professionals in the state, according to the state Board of Registration of Real Estate. As you might expect, downturns in real estate market cycles tend to shrink the number of active real estate professionals. The article notes that the number of applications for new brokerages and other real estate licenses is expected to fall by about 25 percent compared to last year, according to the state real estate board. It was common after the days of the dot-com bust to hear tales about out-of-work techies pursuing a career in the real estate industry to capitalize on the housing boom. Where will real estate professionals go if there is a mass exodus to new careers? The Massachusetts Association of Realtors trade group reported today that sales of detached single-family homes in the state dropped 16.6 percent in December 2006 compared to December 2005, while the median sales price fell 5.4 percent, and there was a 10.3-month supply of for-sale homes in December 2006 compared to an 8.3-month supply in December 2005. About 70 percent more lenders started a foreclosure process against Massachusetts homeowners in 2006 compared to 2005, according to a report by The Warren Group, a real estate data provider, and 46 percent more distressed properties went to auction in 2006 than in 2005. In California, meanwhile, the number of new real estate licensees continues to rise. There were 521,330 real estate licensees in the state in December 2006, up from 519,299 in November 2006, 476,244 in December 2005 and 418,044 in December 2004. But there are some signs of slowing: The number of broker licenses issued in California dropped from 974 in December 2005 to 935 in December 2006 while the number of salesperson licenses issued dropped from 13,212 in December 2005 to 8,941 in December 2006. And the number of real estate salesperson examinations administered fell from 13,212 in December 2005 to 8,941 in December 2006. –Glenn Roberts Jr., Inman News

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