Northern Colorado had a record-breaking boom in the residential industry in the last decade. Real estate brokers supplied the demand. Now with foreclosure looming around the housing industry, making a sudden downturn in housing, real estate brokers went along with the shift.
Foreclosure successfully cut a swath through the number of home mortgage brokers. Colorado Association of Realtors announced a 2 percent decline on membership. From 2007’s 2,247 registered realtors, it is now down to 26,618 members last year.
Three major mortgage broker groups were greatly affected by this membership decline, but a similar trend is seen state- or even nationwide. Greeley suffered a 12 percent membership loss. Fort Collins is at 10 percent and a one-digit reduction to Loveland-Berthoud.
The real estate licensing board, Colorado Division of Real Estate reported that even license application has decreased. There were only 800 new applicants in the second half of 2008, compared to the 1,350 of 2007. Real estate brokers are also feeling the push of the depressed economy.
With this 60 percent drop, the licensing board was left with no choice but to increase fees. Local associations were not happy. Licensing fees went from $250 to $500. Protests were mostly focused on the five-fold increase of fees for registration of new business name, from $200 to $1000.
License for exclusive marketing of subdivisions also increased big time from $1000 to $4000. These fees would definitely make home mortgage brokers to think.
These cost Greeley Area Realtor Association its 12 percent home broker membership. Around 50 more realtors are expected not to renew for annual fees that cover local, state and national organizations that are now at $460.
This report only shows Northern Colorado’s real estate brokers’ status but this may be seen and felt nationwide. The country wide foreclosure problem did not only bother borrowers and lenders, but also the middle men.
Author Resource:-
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years. Read articles about brokers information at BrokersDatabase.com and find the best real estate brokers.
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