Housing Bust Worsens as Taxes Increase

Although 3,500 have left Michigan's real estate industry in the last year, the legislature seems to think that the solution is raising taxes.
The legislature's line of thinking is crippling home ownership and causing many real estate agents to switch careers and leave the failing industry altogether.

From the Detroit News:

Housing bust takes big toll on Realtors

3,500 left real estate industry in Michigan in the last year alone.

Nathan Hurst / The Detroit News

STERLING HEIGHTS -- Thousands of Michigan real estate agents -- some with decades of experience -- are getting squeezed out of the business, casualties of one of the worst housing slumps in state history.

Agents who prospered a few years ago, when consumers' appetite for real estate seemed insatiable, now are struggling or switching careers.

Michigan agents say a lack of home buyers for the glut of houses on the market is driving them from the business. Those who do manage to move a property are realizing lower commissions as a result of dampened real estate prices.

In the last year alone, the Michigan Association of Realtors has lost 10 percent of its membership, or about 3,500 agents. Membership now stands at about 30,000, the trade group said. An untold number of agents have taken second jobs to weather the slump or have put their licenses in "escrow," basically not using them until the market turns around.


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