The Bombshell Case That Will Transform the Housing Market

The Daily

The New York Times

News, Daily News

4.5 • 97.8K Ratings

🗓️ 20 March 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

For decades, an invisible hand has been guiding and controlling the American real estate industry, dictating how much buyers and sellers pay to their agents and how homes are sold. A few days ago, after a stunning legal settlement, that control — wielded by the National Association of Realtors — collapsed. Debra Kamin, who reports about real estate desk for The Times, explains how the far-reaching change could drive down housing costs.

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0:00.0	From New York Times, I'm Michael Bobaro.
0:04.0	This is the Daily.
0:07.0	Today, a bombshell.
0:11.0	A bombshell legal settlement reached a few days ago is about to change almost everything
0:19.5	about buying and selling a home, and in the process make it significantly cheaper.
0:26.2	My colleague Deborah Cayman explains.
0:45.0	It's Wednesday, March 20th. Hi Deborah. Hi Michael.
0:46.0	What a treat.
0:47.0	Talk of this is surreal.
0:49.0	Do want me just to go?
0:50.0	No, I'm going to ask you a question.
0:51.0	I'm ready.
0:52.0	This is a conversation. You know, I came ready to roll. This is a conversation.
0:53.0	I came ready to roll.
0:54.0	What do you want to me?
0:56.0	So Deborah, at the highest possible level, what just happened to American real estate?
1:02.0	Michael, there's been this invisible hand that's been guiding and controlling the real estate
1:06.0	industry for over 100 years and they have long thought that they were absolutely untouchable
1:10.5	because they had so much power, so much influence, so much money, and the biggest
1:15.6	crack in their armor that's ever happened just happened on Friday.
1:18.9	Hmm.
1:19.9	Well, what is this crack in the armor, and I guess, who even is this nefarious sounding group that you're talking about?
	...

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