the union tribune mentioned that Coldwell Banker acquired a 200 employee real estate firm in san diego. If prices do drop significantly will it be caused by the economy instead of the arm resets.


“It's a sobering number when you realize that sales are down 41 percent,” Hoffman said. “There are going to be small independent brokers as well as large players that are going to have to face the realities of the market. Consolidation may become necessary and appealing to some brokers.”

Over the past year, 2,100 real estate brokers and 700 “credit intermediation” workers – mostly mortgage brokers – have lost their jobs in San Diego County, according to data from the California Employment Development Department.

“There's just not enough work now,” said Nathan Moeder, who tracks the local real estate market at London Group Realty Advisors. “We're starting to see shops close up and mortgage brokers closing their doors, looking for jobs elsewhere.”

Those figures don't tell the full story. A large number of workers in the real estate industry are self-employed and do not show up in the state's figures, which are based on company payrolls.