“I read recently that less than HALF of all those with real estate licenses in southern California actually recorded a sale in 2007. Half. Are those people still counted as employed? I’m betting that many of them are.”

I wouldn’t read too much into that. Getting a RE license isn’t like becoming a doctor or another highly trained professional.

Many people have gotten them, and simply move on to other careers. I know several people with licenses, and their career has nothing to do with RE.