Majority of brokers say recession has affected their personal lives

New York /
Dec.December 13, 2011 04:19 PM

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


Related Articles

arrow_forward_ios
Barry Sternlicht, Starwood Property Trust, recession, earnings
“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil
“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil
City subsidizing rent at deed fraudster’s properties: report
City subsidizing rent at deed fraudster’s properties: report
City subsidizing rent at deed fraudster’s properties: report
Foreclosures in an uptick
Foreclosures and mortgage delinquencies tick up in June
Foreclosures and mortgage delinquencies tick up in June
(iStock)
Office index plummeting as recession fears grow
Office index plummeting as recession fears grow
Extell's Gary Barnett, Robert Gans and an aerial of 616 11th Avenue (Robert’s Steakhouse, Google Maps)
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
Investor Robert Gans files for bankruptcy to thwart Barnett, Eli Tabak
15 West 43rd Street (Google Maps)
Lender files to foreclose on Princeton Club of New York
Lender files to foreclose on Princeton Club of New York
Parkview’s Paul Rahimian with 1800 Avenue at Port Imperial (LinkedIn, Handel Architects)
Lender plans unusual loan sale on Chinese developer’s troubled NJ project
Lender plans unusual loan sale on Chinese developer’s troubled NJ project
Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
Chinese developer Hongkun faces foreclosure on luxury NJ condo
Chinese developer Hongkun faces foreclosure on luxury NJ condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...