NAR Responds to DOJ/FTC Antitrust Workshop
On February 1, 2018, Inman News reported that “Influential members of the U.S. Congress have taken a keen interest in real estate competition, especially in regard to listing data.” (Subscribe to read more.)
In a letter to the Assistant Attorney General of the Antitrust Division, Tom Marino and David Cicilline (respectively, chairman and ranking member of the Congressional Subcommittee on Regulatory Reform) requested “an up-to-date report on competition in the brokerage industry (given the Nov. 2018 expiration of) a 2008 consent decree to address conduct aimed at restricting the availability of listings data.”11Final Judgment, United States v. National Association of Realtors, No. 05-CV-5140 (N.D. Ill., E. Div. Nov. 18, 2008)
In response to an upcoming Department of Justice and Federal Trade Commission antitrust “workshop” on real estate competition (Inman story here), the National Association of REALTORS® (NAR) responded:
The National Association of REALTORS® is aware of plans for a workshop to be co-hosted by the Federal Trade Commission and the U.S. Department of Justice on the topic of competition in the real estate industry. NAR has contacted both agencies and looks forward to the opportunity to demonstrate the reality that the real estate market is vibrant, healthy, and vigorously competitive. REALTORS® serve the best interest of consumers and provide them with more real estate information today than has ever been available.
Related article: Breaking Down the 2008 DOJ–NAR Settlement Agreement – NAR (Feb. 18, 2018)Tags: antitrust, David Cicilline, Department of Justice, DOJ, Federal Trade Commission, FTC, Inman News, listings data, NAR, National Association of REALTORS, regulatory reform, Tom Marino