DOJ vs. NAR settles ...
By Glenn Roberts Jr., Tuesday, May 27, 2008.Bookmarking Sites
From U.S. Justice Department announcement today: "The Department of Justice announced today that it has reached a proposed settlement with the National Association of Realtors (NAR) that requires NAR to allow Internet-based residential real estate brokers to compete with traditional brokers. The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in more choice, better service, and lower commission rates for consumers. NAR has agreed to be bound by a 10-year settlement to ensure that it continues to abide by the requirements of the agreement."
From National Association of Realtors announcement today: "The National Association of Realtors has reached a favorable settlement with the U.S. Department of Justice, resolving litigation between them regarding how listings from multiple listing services are displayed on brokers' virtual office Web sites. The proposed final order, to be filed with the federal district court in Chicago today, validates NAR's longstanding Internet Data Exchange (IDX) policy and strengthens the rule governing participation in multiple listing services."
See Inman News article.
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Submitted by Jim Duncan on May 27, 2008 - 11:58am.
"The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in:"
more choice, fine.
better service, dandy
and lower commission rates for consumers. What in the world is the government doing seeking to lower (or raise) prices on any private enterprise???
Jim Duncan
434-242-7140
http://www.realcentralva.com
Realtor/Blogger
Submitted by Michael Taylor on May 28, 2008 - 4:38am.
I might be wrong or missing something, but this doesn't seem that earth shattering to me. I think most areas of the country already have pretty solid IDX solutions with the vast majority of homes listed on the IDX.
Mike Taylor
Indianapolis real estate | Fishers Real Estate | Carmel Indiana Homes
Submitted by Richard Greenwood on May 29, 2008 - 1:49pm.
I wonder how many DOJ and NAR employees use Flat Fee MLS services themselves such as those found at http://BetterHomeSelling.com???