US home sellers win $1.78bn over inflated buyers’ commissions
by Reuters from US news | The Guardian on (#6G13B)
Federal jury rules against National Association of Realtors and some units of Warren Buffett's Berkshire Hathaway
A US jury on Tuesday found the National Association of Realtors (NAR) and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway, liable to pay $1.78bn in damages for conspiring to artificially inflate commissions for home sales.
The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive.
Continue reading...