Of New York City-based brokers working through the downturn, 85 percent report that the recession has affected their personal lives, a survey of 200 residential brokers released today by title insurance company Entitle Direct said. When talking to brokers nationally, that number jumps to 87 percent.
The survey shows the disproportionate affect the housing slump has had on the real estate community, impacting more than just brokers’ bottom lines. Not that the downturn hasn’t severely altered business — 92 percent of real estate professionals surveyed said that they make “significantly” less than before the recession and/or are living off of savings. But, of brokers surveyed, 62 percent felt they had been impacted more negatively by the recession than friends and family. Seventy-five percent indicated they were the main breadwinner in their household, magnifying the impact of those financial losses.
While real estate professionals have a significantly lower rate of foreclosure than the American public — 2 percent of those polled reported foreclosing on a primary residence — 30 percent have been forced to take a second job and 7 percent to sell their primary residence, the survey said.
The brokers Entitle spoke to also saw little good news on the horizon. Of those surveyed, 60 percent indicated that “things are only going to get worse.” — Guelda Voien