The previous decade was record-breaking for Northern Colorado’s residential market where the real estate industry has grown so big that it required the influx of additional real estate brokers to cope with the demands.
However, the current crisis on foreclosures decimated the ranks of residential real estate brokers with a 2 percent reduction on members as reported by the Colorado Association of Realtors. Figures have dropped from 27,247 members in 2007 to only 26,618 in 2008.
The three boards and associations where most of these home mortgage brokers belong to showed different levels of decline, but still a downward trend for all. Greeley topped the group with 12 percent reduction of members, followed by Fort Collins at 10 percent and a single-digit reduction for Loveland-Berthoud.
The Colorado Division of Real Estate who controls the licensing requirements for the real estate industry has reported a sharp decline in license applications for real estate brokers. For the second half of this year, the division received only 800 new applications, low compared to the 1,350 level from last year.
As a response to this 60 percent drop, the division has doubled license fees and increased other broker costs considerably. The local boards reacted violently against these increases in license fees. The boards said that they could live with the doubling of license fees for new home brokers, which increased from $250 to $500, but they vehemently protested other fees, which increased up to five times like the registration fee for a new business name, which increased from $200 to $1000.
Other fees affected include the license for exclusive marketing of new subdivisions, which increased four times from $1,000 to $4,000.
The crisis has affected the Greeley Area Realtor Association considerably with the 12 percent drop in home brokers’ membership. An additional 45 to 50 people are expected not to renew their membership, with annual dues amounting to $460. These dues will cover membership to local, state, and national Realtor organizations.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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