For anyone who needed more evidence that the housing bubble is gone, the number of Realtors in the United States is expected to drop 4% in 2007. According to the Associated Press, "The group ended 2006 with nearly 1.4 million members -- almost double the roughly 716,000 it had in 1997 -- but expects 2007 to close with 1.3 million, a drop of more than 4 percent."
This looks like good news for consumers. Industry experts say that most of the "drop-outs" have not been in the business for a long time. They arrived at the part looking to make a quick buck, just as the punch bowl was being pulled away. The exodus of these fair-weather Realtors will likely lead to an increase in the quality of service that real estate shoppers receive.
David Bach, author of The Automatic Millionaire, recently told CNBC that a lot of people will make a lot of money buying real estate right now. Picking a bottom is never easy, but there appear to be a lot of signs of capitulation here.
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