Justice Department Withdraws from Settlement with the National Association of Realtors
“Today the Justice Department’s Antitrust Division filed a notice of withdrawal of consent to a proposed settlement with the National Association of Realtors (NAR). The department has also filed to voluntarily dismiss its complaint without prejudice. The department determined that the settlement will not adequately protect the department’s rights to investigate other conduct by NAR that could impact competition in the real estate market and may harm home sellers and home buyers. The department is taking this action to permit a broader investigation of NAR’s rules and conduct to proceed without restriction. “
This is one of those “good news, bad news” sort of thing. San Diego is going to be lit!
Congrats to NAR for pulling a loss out of a win. Without the DoJ settlement there is a much greater likelihood that the antitrust class action suits re commissions will succeed. Something will have to change and it is likely that Sellers will be able to elect to have the buyers pay the buy side. Add in the PRO Act — which will enable the junior real estate agents to unionize and negotiate as a group against the franchises and the senior folks — and NAR’s days are numbered. First the sell off realtor.com so we cannot control our own destiny, now they decide to take their chances on vigorous DoJ enforcement. Can you spell STUPID?
“San Diego is going to be lit!”
???
I have been living in San Diego since 1964, and it has always been “lit” (my definition of course).
I am not sure what you mean, but always interested on your take on this…What do you mean (without using the word syndication) 🙂