Plaintiffs in a federal lawsuit have asked a judge to order changes in how the home-sale industry operates.
Photo: Rich Pedroncelli/Associated PressKANSAS CITY, Mo.—A federal jury on Tuesday found the National Association of Realtors and large residential brokerages liable for about $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high.
The verdict could lead to industrywide upheaval by changing decades-old rules that have helped lock in commission rates even as home prices have skyrocketed—which has allowed real-estate agents to collect ever-larger sums.
It comes in the first of two antitrust lawsuits arguing that unlawful industry practices have left consumers unable to lower their costs even though internet-era innovations have allowed many buyers to find homes themselves online.
Persons:
Rich Pedroncelli, —
Organizations:
Associated Press KANSAS CITY, National Association of Realtors
Locations:
Mo