The following is from the Oct. 16, 2007, edition of The Dallas Business Journal. Professor Mike Davis of SMU's Cox School of Business provided expertise for this story.

Agents face housing market slump

By Bill Hethcock
Staff Writer

Since 2000, a booming housing market has tempted thousands of North Texans to try their hand at selling homes. But now, with the market poised to have its first downturn in eight years, a record number of real estate agents is competing for the attention of fewer buyers, making this one of the most competitive housing markets the Metroplex has seen in a generation.

"Clearly, we're going to have a shakeout in that business," said Mike Davis, a professor and economist at Southern Methodist University's Cox School of Business. "You're going to have a large number of Realtors chasing a stagnant or shrinking pool."

Even before the slowdown, the median income for Realtors nationwide has been shrinking, according to a National Association of Realtors survey. Their average income was $47,700 in 2006, down from $49,300 in 2004, which was down from 2002.

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