Real estate brokerage is a $60 to $70 billion industry. In fact, residential real estate is one of the largest sectors of the U.S. economy. Approximately $1.5 trillion was exchanged in 2005 in the sale of both new and existing homes. These transactions provide millions of Americans with jobs and produce hundreds of billions of dollars of economic output each year. The housing sector directly accounts for 15 percent of U.S. gross domestic product (GDP). Further, housing represents a major source of wealth for U.S. households – nearly 70 percent of American households own the home in which they reside. For most of these American families, their home is the largest component of their net worth.

 

 

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