Consumer Law

Justice Department Forces Traditional Realtors To Give Up Stranglehold on Internet Home Listings

By Brian Wolfman

This article in yesterday's Washington Post discusses the National Association of Realtors' agreement with the U.S. Justice Department that will facilitation the listing of home sales by Internet-based realtors - - properties that were sometimes listed only by traditional brokers. The agreement may ultimately foster competition about realtors that will bring down real estate commissions.  Here's a taste of the article:

The National Association of Realtors has agreed to change its policies on Internet home-sale listings to settle a long legal battle with federal regulators who have accused the group of anti-competitive behavior that harms consumers.  The settlement, which awaits court approval, would resolve a 2005 Justice Department [antitrust] lawsuit that accused the association of undermining newer, lower-priced rivals by hampering their ability to post home-sale listings online. The Realtors association, which did not admit liability or wrongdoing and faces no fines, agreed not to treat Internet-based brokerages differently than traditional ones.

Full post as published by CL&P Blog on May 29, 2008 (boomark / email).