Federal commission suit now a class action; NAR, Realogy vow to appeal
“In a major blow to the National Association of Realtors and major real estate franchisors, hundreds of thousands of homesellers can ask to be reimbursed for more than $1 billion in commissions they paid to buyer agents in the past eight years as a result of a federal court ruling on Friday.”
That’s with a “B”
Appeals court deals blow to NAR, allows pocket listing suit to continue
“The appeals court agreed with the DOJ and The PLS, finding that the definition of “consumer” can also include businesses who use products to create another product or service and therefore The PLS was not required to allege harm to buyers and sellers; alleging that the policy hurt agents who consume listing services was sufficient.”
Alrighty then…
‘Writing is on the wall’: Court tosses NAR counterclaim against REX
“NAR’s claims are an attempt to delay the inevitable,” Toth said in an emailed statement.
Consumers are paying too much and have too little choice when they buy or sell a home,” he added in the statement. “And they know it’s because of the outdated rules that industry sets to protect itself. With the pocket listing loss, the class certification loss, and the dismissal of NAR’s counterclaim, the writing is on the wall — the days of real estate brokerage collusion are ending soon.”
Tell us what you really think…
Still, a little buzzed from a great week in Tucson meeting with everyone at the RESO Spring conference but the lobby bar was full of conversations about what all this news really means and how concerned organized real estate should be. I don’t think the sky is falling…yet…but I would keep that umbrella handy.
