Thursday, September 08, 2005

DOJ sues NAR

The US Department of Justice sued the National Association of realtors after three, yes, three fruitless years of negotiations over restrictions placed on listings by (mostly) internet-based realtors.

In order to preserve their traditional 6% vig on each and every sale, the NAR had amended its listing rules to allow realtors to deny listings in an ad hoc fashion; locking out emerging discount brokers.

With the rise in home prices over the past few, these guys have actually raised the cost of home purchases without doing any more work.

With the arrogance of the entrenched, and, as we would find in the future, hubris, the NAR decided to diddle the DOJ along, forgetting that the DOJ IS the government. And can change the rules of play at any time.

Maybe they should have called MSFT to ask how not to piss the DOJ off.