DOJ has launched real estate competition Web site

http://www.usdoj.gov/atr/public/real_estate/index.htm

The site states on its home page that "Buying or selling a home is the largest financial transaction most Americans will ever undertake. The median priced home cost $225,334 in 2006, and the median commission paid to real estate brokers came to $11,672. Overall, Americans paid more than $93 billion for brokerage services".

Another federal antitrust enforcement agency, the  U.S. Federal Trade Commission has teamed up with the Department of Justice Both the DOJ and FTC have engaged in actions targeting Realtor-backed state measures that restrict rebates or mandate minimum levels of service for real estate licensees.

."Unless broker costs were also rising sharply during this period of time, competition among brokers should also have held commissions in check even as home prices were rising," according to the Web site. Real estate commission rates are typically a percentage of the home's selling price.

Posted in Headlines, Real Estate Industry

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