Real Estate Agents Sue N.A.R

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Top Story – Real Estate Agents Sue N.A.R

3 Things You Need to Know with Kayla Walsh on August 14th.

Story #1:

In a dramatic new twist, real estate agents are taking the National Association of REALTORS® to court. The lawsuit, filed Monday in Michigan federal court, accuses the N.A.R of conspiracy and antitrust violations related to its MLS access requirements.

The suit, led by Signature Sotheby’s brokers Douglas Hardy and Glenn Champion, along with agent Dylan Tent, claims the recent N.A.R settlement has devalued REALTOR® membership and M.L.S access. They argue that the settlement removed the guarantee of broker commission through M.L.S, fundamentally undermining its purpose.

According to the lawsuit, agents must join both the N.A.R and local REALTOR® associations to use the MLS. This requirement, they allege, creates a monopoly and unfairly blocks market entry for those who do not wish to join these organizations.

The lawsuit also targets the M.L.S managing company – Realcomp 2 with plaintiffs arguing that their requests to use the M.L.S without membership were denied, and that the N.A.R’s changes have led to confusion and unfair negotiations in the real estate market.

This case is revisiting a long-standing debate about the legality of M.L.S access requirements, which has seen varying rulings across different jurisdictions. 

N.A.R has defended its stance, asserting that restricting M.L.S access to members is legal and necessary for maintaining competitive and transparent local markets.

The plaintiffs are currently seeking to limit the lawsuit to Michigan-based agents and brokers, but the outcome could ripple through the industry. We will continue to follow this story as it unfolds.

 

Story #2

Refinancing activity has surged to its highest level since August 2022, thanks to a dip in mortgage rates. But is it a sign of a lasting trend? 

Last week, refinance applications saw a significant boost, up 32 point 8 percent from the previous week, and up 94.4% compared to last year, according to Fannie Mae’s Refinance Application-Level Index. This surge comes as mortgage rates fell, driven by expectations of a Federal Reserve interest rate cut and concerns about a potential recession.

Despite the recent increase, experts caution that rates would need to drop significantly to spur a substantial rise in refinance activity as most borrowers would need much lower rates to consider refinancing.

 

Story #3

In entertainment news, according to the Washington Post, Ellen DeGeneres is once again making headlines in the real estate world. The talk show superstar has just sold her blufftop estate in Carpinteria, California, for a staggering $96 million. That’s a cool $26 million profit, after buying the property less than two years ago for $70 million.

The new owner is mining billionaire Robert Friedland. Known for his high-profile real estate acquisitions, Friedland recently grabbed this 10-acre property, which boasts an 8,000-square-foot home, exposed wood beams, a cabana, and a guest cottage.

 

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