In a split decision, a panel of judges for the D.C. Circuit Court of Appeals today overruled a district judge who had previously prevented the Department of Justice (DOJ) from reopening its investigation into the National Association of REALTORS® (NAR), potentially allowing regulators to pursue further changes to policy and rules in the industry.
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What is wrong with this Country? Does the DOJ have nothing better to do than destroy an industry? It’s the government who drove real estate prices up by keeping interest rates too LOW for TOO LONG! Allowing investors to buy homes to use as rentals, creating a huge demand that drove real estate prices sky high! Tell the DOJ to stop their nonsense!
I agree with you Marla! I’ll go a step further and encourage Congress to bring a bill that discourages these large REITS from buying so many SFH. These REITS will tell you they only own 2% of all the homes available, but how about breaking that down to desirable cities and tell us how many homes you’re purchasing there. I can assure you its waaay higher than 2%! Probably more like 25-30%. I don’t know what the solution is, but something does need to be figured out here to allow true home buyers a chance at buying a house. These REITS are also trying to tell us that Millennial buyers don’t want to buy a home they want to rent is pure BS! There might be some that think this way, but not the majority. I’m an investor myself. I do see both sides, but it has gotten out of hand.
We followed attorneys advise for over 100 years, attorneys developed our legal documents, now we are at the mercy of attorneys suing NAR represented by attorneys who failed to defend the real estate industry. I am sure they got paid plenty.
Attorneys change 10% to settle estates, they take 10% or more to defend you in a insurance compensation where is the fairness.
What attorney do you know who takes 10%? Every attorney I know takes 40% of any settlement.
I have my real estate license since 2002 and price was always negotiable and the rules didn’t change until today.
It makes no practical sense. You know what’s funny? That attorneys charge a good chunk, non negotiable retainer amount on any monies they can get for accident victims and insurance compensations. That is a whopping 10 to 30% commission and they bitch about a negotiated commission seller’s pay when selling a home. Sellers are not required to use an agent but when they do they are willing to pay and that is their choice. I don’t remember the last time I did not had to negotiate the commission I charged. Every listing is and wrestle match with the seller. How did we get from there to price fixing?
And about the REIT, I think it should be illegal for a REIT to purchase residential property as investment. We should only allow mom and pop investors, the regular consumer. This is how the middle class builds wealth and that should be protected. REITS are robing American’s their right to homeownership. You can’t compete!