Feds Say House-selling Competition Is 'hindered'

The Federal Trade Commission and U.S. Department of Justice published a joint report on competition in the real estate brokerage industry. The "Competition in the Real Estate Brokerage Industry" report that calls for a repeal of real estate laws, rules and regulations that limit choices for consumers, limit competition for new brokerage models and don't appear to provide any justifiable benefits for consumers. The report also suggests that industry commission rates have been relatively inflexible and calls for an in-depth study of commission rates and fees. So, what did they conclude?

• FTC Chairman Deborah Platt Majoras: “... when anticompetitive practices stand in the way, consumers lose. The FTC is committed to working with the industry and policymakers to ensure that competition is not inhibited and that consumers are well-informed about this important marketplace.”

• Thomas O. Barnett, Assistant Attorney General for the Department of Justice’s Antitrust Division: “This report will help inform Americans about their real estate brokerage options and alert state legislatures and real estate commissions about the danger of enacting laws and regulations that harm competition.”

• The report says that, "although the real estate industry has undergone a number of substantial changes in recent years – particularly as a result of technological advances such as the Internet – competition in the industry has been hindered as a result of actions taken by some real estate brokers acting through multiple listing services and the National Association of Realtors, state legislatures, and state real estate commissions. In addition, consumers likely would benefit significantly from additional knowledge about the range of options available in brokerage services and fees."

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Housing Bubble and Real Estate Market Tracker from SA for 5/9

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