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Any opinions on anti-trust suit against NAR?


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2012 Dec 31, 3:49am   1,645 views  4 comments

by hrhjuliet   ➕follow (1)   💰tip   ignore  

http://articles.marketwatch.com/2005-05-09/news/30932584_1_realtors-wall-street-journal-discounting

MarketWatch) -- U.S. government antitrust authorities are planning to sue the National Association of Realtors, charging that its policies will illegally restrict discounting of sales commissions, The Wall Street Journal reported. The goal is to promote price competition in sales of residential real estate, the paper said. The Justice Department argues that the NAR, in a proposed bylaw, adopted practices that would stifle Internet-based rivals and discounters, lawyers close to the case told the paper.

#housing

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1   Patrick   2012 Dec 31, 4:29am  

That article is from 2005.

Nothing really changed. Realtors still infest all state governments. To quote from my own book:

The NAR has nearly one million members, making the biggest trade association in the country, with awful power to twist state laws regarding real estate. According to the Federal Trade Commission, “State officials have offered the opinion that virtually no proposed legislation relating to real estate has a chance of passage unless it is approved by the state association of Realtors.”

Most regulation of real estate is done via state law and state real estate boards, theoretically aimed at protecting the public. But in reality, nearly all state laws and regulatory bodies covering real estate exist to prevent alternative business models from threatening agent commissions. According to the Consumer Federation of America, more than 70% of real estate commissioners are real estate brokers or salesmen, an immense and ongoing conflict of interest which is never mentioned in the mainstream press.

2   hrhjuliet   2012 Dec 31, 5:22am  

Well, that sums it up. ): Wish there was a way to counter this, and make the mainstream more aware.

3   drew_eckhardt   2012 Dec 31, 6:44am  

The NAR PAC has ranked first in terms of contributions to candidates for every national election since 1998 (that's as far back as the opensecrets.org data goes).

You can expect that trend to continue with whoever gets elected (they fund both Democrats and Republicans) giving them their quid pro quo.

4   hrhjuliet   2013 Jan 1, 6:10am  

Yikes. Scary.

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