The Bombshell Case That Will Transform the Housing Market
The Daily
Legal Battle Alters Real Estate Landscape Nationwide
A legal battle resulting in a $1.8 billion verdict uncovered a conspiracy between the National Association of Realtors and major corporate real estate brokers to fix prices. Following the verdict in Missouri, a national lawsuit was filed, affecting homeowners across the country who might have unknowingly paid a 6% commission. This led to multiple lawsuits against the NAR, claiming monopoly and antitrust violations. To settle the lawsuits, the NAR agreed to significant changes, eliminating the 6% commission rule to introduce competition. This shift mirrors the transformation seen in the travel industry with the emergence of online platforms disrupting traditional practices and lowering fees. The real estate industry is now poised for similar changes with the potential for reduced costs for consumers and increased competitiveness among agents and brokers.
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