Things are heating up between the National Association of Realtors and the Department of Justice.
In November, the DOJ filed a lawsuit against the trade organization for antitrust violations, specifically around disclosing broker commissions and restricting access to lockboxes, which it said resulted in a "lessening of competition among real estate brokers to the detriment of American home buyers."
In response, NAR agreed to make changes to its code of ethics and MLS policies. So, suit filed, agreement reached, all good, right? Not exactly. On July 1, the DOJ announced it was withdrawing the settlement it had reached with NAR.
The DOJ could have decided to just go to trial, but instead, it dismissed its own suit so it can do a "broader investigation." If that strikes you as some serious double dipping, you are not alone.
Today Senior Real Estate Reporter Matthew Blake took a deep dive into the settlement and what a broader investigation by the DOJ could look like. For its part, NAR said this in a statement to HousingWire:
"NAR was blindsided by and unsure of the rationale behind the DOJ's decision to withdraw from our negotiated agreement. We remain confident in the pro-consumer, pro-competitive nature of our rules and the MLS system, all of which benefit home buyers and sellers by providing a fair and level real estate marketplace."
We'll keep you up to date on further developments.
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