A world of difference in commissions outside US, jurors told
On Day 5 of the Sitzer/Burnett trial, plaintiffs focused on steering, high fees in the U.S., and how buyer agent pay is handled differently in other countries.
October 20, 2023
Dave Gallagher
Director, News Reporting
Dave's journalism career spans 24 years covering business, the economy and real estate in Northwest Washington. He's also a numbers nerd, examining data to spot emerging trends in industries. Having started his career as a sports writer, he's a lifelong baseball and soccer fan and recently discovered pickleball. He grew up in Yosemite National Park and earned his journalism degree at Humboldt State University in northern California.
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- Attorneys spar over evidence of collusion in commissions trialOn Day 4 of the Sitzer/Burnett trial, an expert witness for the plaintiffs said the current commissions system is a "clear case" of collusion and price fixing.October 19, 2023
- Can buyers overcome the psychological barrier of 8% rates?As mortgage rates continue to hit multi-decade highs, the industry waits to see how much it dries up demand.October 19, 2023
- Training on trial as plaintiffs challenge commission strategiesMaterials painted 6% commissions as the goal, plaintiffs’ attorneys argued, while industry witnesses defended it as just a number, and negotiable.October 18, 2023
- Industry leaders take the stage (via video) at Sitzer/BurnettPre-recorded depositions from Bob Goldberg, Gino Blefari and Gary Keller included tense exchanges about buyer-broker commissions.October 17, 2023
- 'Conspiracy' front and center as commissions trial kicks offOn day two of the Sitzer/Burnett trial, the plaintiffs presented opening arguments, while the defense said conspiracy claims are "conjecture."October 17, 2023
- Builder confidence declines even as home starts riseRising mortgage rates have hit the construction sector hard, pushing confidence to the lowest level since January despite an uptick in housing starts.Updated October 18, 2023
- Bucking seasonal trends, home inventory is risingInventory could keep increasing as potential homebuyers ‘hit the brakes’ while mortgage rates remain elevated. Price cuts are also higher than usual.October 17, 2023
- Foreclosure filings and debt are rising, but no need to panic yetOverall filings remain low but economic stress in the form of increasing credit card debt and depleted savings could push them higher.October 16, 2023
- Sitzer/Burnett: What to expect at trialStarting Oct. 16, NAR and other defendants will present their case to a jury that could decide how agent commissions are paid.October 14, 2023
- Yes, the market is slow — but for boutique teams, it’s an opportunitySide President Steve Capezza, who moved to the brokerage platform in January after almost a decade at Zillow, believes there’s power in finding joy in the work.October 13, 2023
- Mortgage rates now three times higher than in 2021Economic signals appear to be keeping rates elevated as they climb for a fifth straight week.October 12, 2023
- NAR doubles down on commission practices ahead of trialAn attorney for the organization said a loss would be “bad news for consumers” and force the industry “back into the 19th century.”October 11, 2023
- Freedom Mortgage faces new legal woes following recent fineThe Consumer Financial Protection Bureau is suing the company over faulty loan data. In August, Freedom was fined by the CFPB for illegal kickbacks.October 10, 2023
- 4 surprises about real estate firms in 2023NAR’s profile of brokerage businesses offers a look inside the makeup, operations and goals of firms, finding that many are still in growth mode.October 9, 2023
- Why strong job growth could further dampen home salesThe latest jobs report found that nearly twice as many jobs were added in September as expected, which could lead to even higher interest rates.October 6, 2023
- 3 top takeaways from the latest appraisal dataThe FHFA's second quarter report found that home values increased the most in states that aren't typically thought of as hot markets.October 5, 2023
- Are mortgage rates headed to 8%?The average weekly mortgage rate leapt up again this week, and 8% "does not seem unlikely."October 5, 2023
- Home flippers see opportunity aheadA recent survey found that investor optimism increased in the past six months, though the high cost of financing is slowing investment purchases.October 4, 2023
- MLS partnerships open up listings to 120k agents in the SoutheastThe Southeast MLS Alliance and Coast 2 Coast MLS Data Share in Florida represent the latest initiatives to expand data sharing among MLSs.October 2, 2023
