What could be the biggest change to real estate in a century
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 15 March 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
There’s news this morning that the National Association of Realtors, a powerful group that sets home sale standards nationally, reached a settlement following nationwide lawsuits alleging its rules and behaviors were keeping real estate commissions artificially high. The proposed agreement includes a payout and elimination of its rules around commissions. We’ll unpack. Then, we’ll discuss a trickier job for the Federal Reserve and hear reflections from a cabaret co-owner and performer.
Transcript
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| 0:00.0 | Recently on the Marketplace Morning Report, you heard our Democracy in the Desert series. |
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| 0:40.0 | What could possibly be the biggest change to real estate in a century? |
| 0:47.0 | I'm David Brancaccio. There's news this morning that the National Association of Realtors, of Realtors, |
| 0:54.0 | Nationwide, has reached a major settlement |
| 0:57.0 | that could upend the housing market. |
| 0:59.8 | Marketplace's Kimberly Adams has more. |
| 1:02.1 | The National Association of Realtors was facing nationwide lawsuits alleging its rules and behaviors |
| 1:07.8 | were keeping real estate commissions artificially high. |
| 1:11.0 | Under the settlement, if approved by a federal court, the group will pay |
| 1:14.8 | $418 million in damages over about four years and eliminate its rules around |
| 1:21.1 | commissions. Specifically, it would prohibit offers of broker compensation |
| 1:25.6 | on the NAR's multiple listing service, something that has historically kept commissions |
| 1:31.1 | at about 6 percent, usually split between the buyer and seller. |
| 1:35.0 | NAR continues to deny any wrongdoing, |
... |
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