Local Mortgage Brokers Drop by Two-Thirds!

Of all the sad and scary stats this one really defined what is happening in the local housing industry:

Minnesota Mortgage Association President Tim Bendel said his industry has taken a hit, too. Brokerage license applications came up for regular review at the end of last month, Bendel said, and early indications are the number of licenses dropped from 4,000 to about 1,400.

Wow. That is staggering. It seems the Day of Reckoning is here for the Realtor as well. Dues to the tune of about $400 bucks are due in the beginning of December and are required for anyone who wants to keep their license. I remember last year at this time the Executive Director of the Minnesota Association of Realtors was actively campaigning members NOT to renew in an effort to thin the herd. I have heard very little of that this year, it seems the market is doing that all on its own...