Real Estate, The Second-Newest Profession

First off, I gotta ask: why is the LA Times Column One feature called ‘Pacific Time’ on the latimes.com homepage (or,if you prefer, vice-versa)? Whatever you want to call it, it’s generally the best thing in the paper, and today is no exception. A feature on people struggling to make their way as California real estate brokers reveals a startling statistic:

There are 437,000 agents in California, enough to form the state’s eighth-largest city.

According to the article, these 437,000 agents made 680,000 home sales last year. That’s 1.56 sales per agent. (Although presumably a sizable fraction of those agents specialize in commercial real estate, which the article doesn’t discuss.)

I don’t know if we’re in a California real estate bubble. But we’re certainly in a California real estate broker bubble.