Google has already been cracking down on directories. Now we all know that sometimes you have to take what Matt Cutts says with a grain of salt or read between the lines.
However he has said that directories that are FFA provide no seo value. In his words FFA meant any directory that you pay X dollars to join and there is no editorial requirements other than paying your money to be included within that directory. These type directories are falling off of google fast.
A couple of months or so ago several top named directories lost their rankings in Google, even for their own name. IMHO this was Google saying stop trying to manipulate our search engine with directory link spamming.
IMHO there are only a few directories out there that offer any seo benefit to a real estate website. 99.99% of directories out there again IMHO offer no real valuable consumer traffic to a real estate website.
Jay I am not sure about the traffic your directories offer from a consumer standpoint since I cant see your traffic logs but IMHO your directories have value only for real estate websites by means of maybe producing recip linking opportunities. I might be wrong and if so it wont be the first time
