I agree that it wsnt just realtors that got caught in the crunch but what struck me is that these were not run of the mill agents. These were relatively top producers that over leveraged themselves, overpromised to clients and tried to do so with a business model that fell apart when the volume dried up. It was almost as if they mini verions of Ipayone.

I doubt 30 to 50% of transactions were serial flippers in SD. I would be surprised if it was even 10%.