Housing News
Realcomp II Reduced Competition- Harmed Consumers
… Says an FTC Ruling.
In a 4-0 ruling today, the FTC says Realcomp II acted to restrict consumers access to discounted listings through it’s websites, thus harming competition.
In its opinion announced today, the Commission found that “the practices at issue improperly limit consumers’ access to information about the availability of these lower-priced alternatives,” and . . . concluded “that [Realcomp’s] acts and practices unreasonably restrain trade in violation of Section 1 of the Sherman Act . . . and Section 5.” The Commission’s administrative decision resolves litigation arising from a complaint charging that Realcomp’s policies violate Section 5 of the Federal Trade Commission Act.
The release from the FTC is rich with disruptive language- red meat for hungry progressives.
the Commission wrote, “illustrate how technological dynamism and organizational innovation can place enormous pressure on traditional business models and create possibilities for ‘the new commodity, the new technology, the new source of supply, the new type of organization’ [Joseph A. Schumpeter, Capitalism, Socialism, and Democracy 84 (1942)] that can transform markets. Because [these] are powerful stimulants for economic progress, an especially important application of antitrust law is to see that incumbent service providers do not use improper means to suppress innovation-driven competition that benefits consumers.”
Source Matthew Hardy– submit breaking real estate news
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Housing News
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Click here to continue reading this story…
Housing News
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.
…Click here to continue reading this story…
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Ken Brand
November 2, 2009 at 9:22 pm
Every aspect of our business is roiling with change. It’s an interesting time, but then, people have been saying that for 100 years.
Cheers
MIssy Caulk
November 2, 2009 at 11:09 pm
Wow, hadn’t heard there was a reversal of that decision today. I know many of the Directors on that board as they are right next to us on boundary lines.
Yes there MLS is very proprietary. They are finally getting REITS complaint.
Ugh scary statement you pulled out. Shocked they quoted that. Actually the last I heard they were allowing Discount Brokers to post their listings.
Real Estate Feeds
November 3, 2009 at 12:52 am
Realcomp II Reduced Competition- Harmed Consumers: … Says an FTC Ruling.
In a 4-0 ruling today, the FTC s.. https://bit.ly/3qp0Q6
RealEstate Babble
November 3, 2009 at 1:11 am
AgentGenius: Realcomp II Reduced Competition- Harmed Consumers https://bit.ly/1YMIup Full https://bit.ly/87riv
Ken Brand
November 3, 2009 at 2:19 am
RT @agentgenius Realcomp II Reduced Competition- Harmed Consumers https://bit.ly/3qMGuS
marsha stanton
November 3, 2009 at 3:09 am
RT @agentgenius Realcomp II Reduced Competition- Harmed Consumers https://bit.ly/3qMGuS
realdiggity
November 3, 2009 at 6:05 am
Realcomp II Reduced Competition- Harmed Consumers: comments https://bit.ly/4yrPvl
Andrew Parsons
November 3, 2009 at 4:14 pm
Realcomp II Reduced Competition- Harmed Consumers: In a 4-0 ruling today, the FTC says Realcomp II acted to res.. https://bit.ly/3VImUD
PC & MAC Solutions
November 6, 2009 at 6:00 pm
Realcomp II reduced competition says FTC ruling https://bit.ly/3VIeYx