DOJ vs. NAR settles ...

From U.S. Justice Department announcement today: "The Department of Justice announced today that it has reached a proposed settlement with the National Association of Realtors (NAR) that requires NAR to allow Internet-based residential real estate brokers to compete with traditional brokers. The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in more choice, better service, and lower commission rates for consumers. NAR has agreed to be bound by a 10-year settlement to ensure that it continues to abide by the requirements of the agreement."

From National Association of Realtors announcement today: "The National Association of Realtors has reached a favorable settlement with the U.S. Department of Justice, resolving litigation between them regarding how listings from multiple listing services are displayed on brokers' virtual office Web sites. The proposed final order, to be filed with the federal district court in Chicago today, validates NAR's longstanding Internet Data Exchange (IDX) policy and strengthens the rule governing participation in multiple listing services."

See Inman News article.

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