Judge approves realtor settlement on broker commissions
CNN
A federal judge gave a green light to the National Association of Realtors’ settlement, paving the way for an overhaul of the way people buy and sell their homes in the US.
A federal judge gave a green light to the National Association of Realtors’ settlement, paving the way for an overhaul of the way people buy and sell their homes in the United States. On Tuesday, Judge Stephen Bough granted preliminary approval to the $418 million antitrust settlement in a Missouri court. A final approval hearing is set for November 26. Housing experts say the settlement may effectively demolish the current real estate business model. Under the current system, home sellers pay the full commission, usually 5% or 6%, which is generally shared between the agent representing the seller and an agent representing the buyer. Critics say this practice inflates housing prices. In a statement to CNN, an NAR spokesperson said it was “pleased that the Court has preliminarily approved the settlement because it is in the best interests of all parties and class members.” “It has always been NAR’s goal to resolve this litigation in a way that preserves consumer choice and protects our members to the greatest extent possible,” the spokesperson said. “This proposed settlement achieves both of those goals and provides a path for us to move forward and continue our work to preserve, protect, and advance the right to real property for all.” Groups of home sellers brought lawsuits against the NAR for its standard commission structure, saying it was a violation of antitrust laws.
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