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☆ After a $1.8 billion verdict, the clock is ticking on the 6% real estate commission
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +7 min

And yet, every day, people across America hire a real estate agent to help them sell a home. While state governments license real estate agents, NAR has an extensive code of ethics it expects members to adhere to. NAR and the brokerages have vowed to appeal the verdict, which means real estate commissions aren’t going anywhere immediately. Last month Redfin, an internet real estate company, left the association. The longer-term impact of the verdict may be that the pairing of buyer’s agent commission and seller’s agent commission will eventually be separated.

Persons: Keller Williams, –, Corcoran —, Kenny Parcell, ”, Mantill Williams, Darryl Frost, homesellers, Stephen Brobeck, ” Brobeck, Jen Davis, ” Davis, “, they’ll Organizations: DC CNN, National Association of Realtors, Homeservices, Keller, Keller Williams Realty, Coldwell Banker, Sotheby’s, Realty, NAR, US Department of Justice, “, Consumer, Consumer Federation of America, Holt Homes Group Locations: Washington, America, Missouri, Keefe, Springfield , Missouri

LOS ANGELES (AP) — A series of court challenges are seeking to upend longstanding real estate industry practices that determine the commissions agents receive on the sale of a home — and who foots the bill. But already the NAR and several real estate brokerages are facing another lawsuit over agent commission rules. As home prices have soared in recent years, pushing the national median sales price to $394,300 as of September, so have agents’ commissions. Traditionally, that works out to a 5% to 6% commission split roughly evenly between the buyer’s and seller’s agents. “The real solution is for buyers to be able to finance the buyer-agent commissions as part of their mortgages.

Persons: “, ” Mantill Williams, Williams, Fresh, ’, ” Williams, ”, Stephen Brobeck, Max, Brobeck, Michelle Chapman Organizations: ANGELES, National Association of Realtors, NAR, Western, of, Redfin Corp, Weichert Realtors, Compass Inc, “, Consumer Federation of America, Inc, MLS, Associated Locations: Missouri, U.S, of Missouri, New York

☆ Jury hits National Association of Realtors, real estate companies with $1.8 bln in damages
▼ + stars: | 2023-10-31 | by ( Mike Scarcella | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

Townhomes line a street in Fairfax, on the morning the National Association of Realtors issues its Pending Home Sales for February report, in Virginia March 27, 2014. The verdict followed a two-week trial in the Kansas City, Missouri, federal court, where the case had drawn widespread attention for challenging widely used real estate industry practices. A spokesperson for the National Association of Realtors, Mantill Williams, also said it would appeal and ask the court to reduce the damages amount. The plaintiffs claimed the association and corporate defendants drove up the commission, upwards of 6%, that home sellers pay to brokers representing buyers. Two other defendants, Re/Max (RMAX.N) and Anywhere Real Estate (HOUS.N), agreed to respective $55 million and $83.5 million settlements before trial, without admitting liability.

Persons: Larry Downing, Warren Buffett's Berkshire Hathaway, Michael Ketchmark, Ketchmark, Keller Williams, HomeServices, Darryl Frost, Frost, Mantill Williams, Sellers, Mike Scarcella, David Bario, Chizu Nomiyama, Jonathan Oatis Organizations: National Association of Realtors, REUTERS, U.S . Justice Department, Thomson Locations: Fairfax, Virginia, U.S, Warren, Kansas City , Missouri, Berkshire, America, Missouri , Kansas, Illinois, Washington, Maryland

The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive. Plaintiffs in the class action included sellers of more than 260,000 homes in Missouri, Kansas and Illinois between 2015 and 2022, who objected to the commissions they were obligated to pay buyers' brokers. The verdict followed a two-week trial, and the damages award can be tripled under U.S. antitrust law to more than $5.3 billion. Shares of real estate brokerages not involved in the verdict closed lower. Re/Max fell 4.4% and Anywhere fell 2.7%, while online brokers Zillow Group (ZG.O) and Redfin (RDFN.O) declined 6.9% and 5.7%, respectively.

Persons: Larry Downing, Warren Buffett's Berkshire Hathaway, Michael Ketchmark, realty Keller Williams, Mantill Williams, HomeServices, Keller Williams, Darryl Frost, Frost, Sellers, Corcoran, Max, brokerages, Mike Scarcella, Jonathan Stempel, Lance Tupper, David Bario, Chizu Nomiyama, Jonathan Oatis, David Gregorio Our Organizations: National Association of Realtors, REUTERS, realty, NAR, Coldwell Banker, Zillow, U.S . Department of Justice, Thomson Locations: Fairfax, Virginia, U.S, Warren, Kansas City , Missouri, Missouri , Kansas, Illinois, Berkshire, America, Washington, Maryland, New York

Companies Re/Max Holdings Inc FollowMarch 29 (Reuters) - A federal judge in Chicago on Wednesday ruled that home sellers accusing the National Association of Realtors and a group of real estate brokerages of conspiring to inflate commission rates can move forward as a class action. In a statement, The National Association of Realtors said it was "disappointed" in the decision and defended industry listing practices. The lawsuit challenges a requirement that sellers make "blanket unilateral offers of compensation" to buyers' brokers when a home goes on sale via a multiple listing service. That system puts pressure on sellers to offer high commissions to attract buyers' brokers, the sellers claimed. The case is Moehrl et al v. The National Association of Realtors et al, U.S. District Court for the Northern District of Illinois, No.

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