Recently, a Think Tank began discussing the lack of Integrity in the Real Estate Industry and what percentage of blame was deserved where. Most Realtors blame the mortgage industry; the brokers, companies and the abundance of bad loans on properties during an unsustainable and irrational exuberance rise in home prices.

Sure, that makes sense, everyone wishes to shift responsibility and it is hard to deny that the mortgage industry made some huge errors in judgment for some quick short-term gain. Nevertheless, let us look at the Realtors and their part in all of this. Realtors either knew or should have known that the toppy market would fall hard and that variable rates would come back to bite folks making purchases in the rear.

Realtors also knew or should have known that buying at the top of the market is a bad idea. Did they try to stop customers from buying homes or warn them? Certainly not. In fact, with easy money available, few if any negotiated their own commissions downward to help their clients. Many of those clients are now doing short sales, and losing money in the amount of the Realtors commission who sold them the home, plus the current commission to sell it fast before the payments are missed ruining their credit or before the bank forecloses due to already missed payments.

Are Realtors who made all those sales previously, who did not advise their clients of a bad financial move, willing to cough up their percentage of the ill-gotten gains? If they are unwilling or cannot afford it, perhaps we can put them in prison at a rate of $55 per day to make license plates until the consumers are made whole. Realtors need to accept responsibility for at least some of the blame - are they willing or in denial?

I ask was the greed of Realtors part of the cause of the crash? Sure it was, they are to blame too, and so then, how much of that blame should they be forced to pay? What assets of theirs can we seize and how much time should they serve? I think that is the only question.

Indeed, I would like to hear a defense from those licensed professionals, who took advantage of the situation and made some quick easy money selling homes at the top of the market to would be and newbie buyers who quite, frankly did not understand just how fast they were burying themselves. Something to contemplate in 2008.

"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/. Lance is a guest writer for Our Spokane Magazine in Spokane, Washington

Source: www.articledashboard.com