I recently wrote on the housing crisis. But what I failed to mention was the Realtor Bubble. Like in the State of California where I can literally walk to two blocks and chances are that one of those homes I pass will house a licensee.
The current stats in California is 1 in 53 adults in California has a real estate license. Mike Ferry used to joke they hand 'em out at the DMV with your drivers license.
The stats are only a bit better across the country. When there is less deals and more agents, well you do the math and maybe that will help you figure out why there are less deals on the board.
When the industry treats their licensing like an MLM invitation it can only cause a worsening image for the agent, and mean less deals per agent.