A Missouri jury on Tuesday found that the real estate industry trade group, the National Association of Realtors, and some residential brokerages are liable for nearly $1.8 billion in damages after determining they conspired to maintain commissions for home sales artificially high.
This is the best summary I could come up with:
Washington, DC (CNN) — A Missouri jury on Tuesday found the National Association of Realtors, a real estate industry trade group, and some residential brokerages liable for nearly $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high.
Warren Buffett’s Berkshire Hathaway-owned HomeServices of America and two subsidiaries, as well as Keller Williams Realty, were among the other real estate groups the jury found guilty of conspiring.
“Today’s decision means that buyers will face even more obstacles in an already challenging real estate market and sellers will have a harder time realizing the value of their homes,” the spokesperson said.
The judge presiding over the case will have to decide the scope of the injunction, which could end up amounting to “minor tweaks” to the current commission-sharing system.
“If that is the case, then the impact may be limited as we expect most brokers will continue to offer commission sharing to boost interest in the property,” Seiberg.
Minutes after Tuesday’s victory, Ketchmark filed a new class-action lawsuit against real estate companies including Douglas Elliman, Compass and Redfin.
The original article contains 487 words, the summary contains 183 words. Saved 62%. I’m a bot and I’m open source!