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Agent, broker confidence hits low point

Respondents cite tough job market, shadow inventory

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Real estate broker and agent confidence fell to a new low in July, according to a survey by real estate marketing and technology provider Point2 Technologies. Point2's Real Estate Confidence Index (RECI) fell 8.85 percent last month to 5.24, from 5.76 in June. The index is based on survey responses on a 10-point scale; one equals "bad" or "pessimistic," and 10 equals "good" or "optimistic."The index's three components gauge survey respondents' current sentiment, future sentiment based on a short-term outlook (three to six months) and a long-term outlook (12 to 18 months). All three components fell in July. After four months above the 5 index median, current sentiment crossed into pessimistic territory to 4.67, from 5.12 in June. Short-term sentiment fell to 5.07, from 5.64 in June. Long-term sentiment fell to 6 from 6.51 the month before. Key reasons for increased pessimism among real estate agents and brokers included "unabated...