DOJ vs NAR = WTF

May 27th, 2008

Big news in the real estate world? The DOJ and the NAR have reached a settlement in the civil suit brought against the NAR claiming that it limits access to the MLS and information. Yawn. No really, this is not much more than a waste of our tax dollars. But you don’t have to take my word for it. You can read about the suit here, and you can read the spin in one direction and the spin in the other and even some spin in a third direction, but in the end what does this have to do with you, the buyer and seller of Dayton Ohio real estate? It’s not pleasant to be the bearer of bad news but in truth, this doesn’t mean much. This won’t change the industry enough to really help the consumer I’m sorry to say.

The NAR is fairly entrenched in traditional ways of doing things, so it is not likely to change much. The DOJ couldn’t force it to budge. The NAR press release:

“This is clearly a win-win for the real estate industry and the consumers we serve. Today I can say with the clear knowledge, reinforced and underscored by DOJ’s settlement compromise, that the real estate industry is dynamic, entrepreneurial and fiercely competitive. Thanks to Realtors, consumers can access detailed information about millions of properties for sale across the country.”

Okey dokey. And from the DOJ:

“In a September 2005 lawsuit, government lawyers said such policies discriminated against online brokers. The settlement, filed in U.S. District Court in Chicago, opens the MLS databases to online and traditional residential property agents.

“It really does free brokers generally to engage in whatever they feel is the most efficient and effective way to compete,” Deputy Assistant Attorney General Deborah A. Garza of the Justice Department’s antitrust division told reporters.

She said the settlement “should lower the cost of the transaction for buying a house.”

“Should” is the operative word here, folks. Now, I’m all for new and improved real estate business models, but I’m afraid this leaves us with business as usual. Inform thyself! It’s still your best defense against real estate offense.

2 Comments »

  1. Chris Griffith says

    *Love* the title. Hilarious.

    May 28th, 2008 | #

  2. Teri Lussier says

    Thanks Chris. :-)

    May 28th, 2008 | #

Leave a comment

:mrgreen: :neutral: :twisted: :shock: :smile: :???: :cool: :evil: :grin: :oops: :razz: :roll: :wink: :cry: :eek: :lol: :mad: :sad:

RSS feed for these comments. | TrackBack URI