Monday, July 24, 2006

Austin realtors scrutinized by FTC for monopolistic practices

From CNNMoney.com:

The Federal Trade Commission (FTC) said Thursday that the Austin Board of Realtors agreed to end a policy the FTC claims violates anti-trust laws and harms consumers by inflating costs.
No surprise there. This will also help home prices from being overinflated in Austin since a 6% commission/skim combined with a high property turnover rate will invariably cause prices to rise rapidly, since people try to pay their realtor by increasing listing prices. Again, from the article:
The cost of selling a house has risen far faster than inflation.
The ruling is certainly good news.

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