The Department of Justice announced a proposed settlement to the now almost three year old, civil antitrust lawsuit that they filed against the National Association of Realtors.
The Justice Department announced that the “settlement will result in more choices, better services and lower commission rates for consumers.
The Department of Justice challenged the National Association of Realtors polices and related rules that obstruct real estate brokers who use innovative Internet-based tools to offer better services and lower costs to consumers. These policies by the National Association of Realtors prevented consumers from receiving the full benefit of competition. Under the terms of the announced settlement, The National Association of Realtors will repeal its anticompetitive polices and require affiliated Multiple Listing Services to do the same.
On the other hand the National Association of Realtors President Richard F. Gaylord recently announced in Realtor Magazine that the proposes settlement is “a win for consumers and Realtors.” Further stating that the proposed settlement resolves Department of Justice concerns, ensuring a level playing field for brokers operating a virtual office Web site and that the settlement affirms the value of the Multiple Listing Service as a tool of broker-to-broker cooperation.
So who are we to believe, the Department of Justice or The National Association of realtors? Both the Realtors and the Government spent an enormous amount of money on the action. Who is telling the truth and who do you suspect is putting a lot of spin on this one?
Perhaps tomorrow I will examine this a little deeper.
James Joseph