Okay, I don’t think it’s really a bubble., Nevertheless, the percentage decline in the number of real estate agents in Arizona will likely dwarf the decline in median home prices.

“People come out of the woodwork when the market goes up, because they think it’s chic to be an agent,” said Syd Leibovitch, a broker at Beverly Hills-based Rodeo Realty. “When it changes, they leave “” even the longtime agents, who are tired and burned out.”