Industry News

REM: The Real Estate Marketplace

Part 3: The future of real estate: 2010

Editor's note: Looking ahead to 2010 we are optimistic that the real estate world will be better, but we also expect radical change. Paul Saffo, at the Institute for the Future, once said that in a two-year period less happens than we would have thought, and in a 10-year period more happens than we could ever imagine. This four-part series is a fun look at what the future may hold for the real estate industry. The predictions are not fact. (See Part 1: Where will we be in 2010?; Part 2: The mortgage debit card debuts and Part 4: Visionaries pull back curtain on real estate future.) The bid-rigging scandal with the REM (The Real Estate Marketplace) in 2009 was probably the most tumultuous event in the history of the real estate market, next to the savings and loan crisis of the 1980s and the breakdown of the MLS in 2006. In 2005 and 2006, big real estate brokers, small brokers and the local MLS organizations broke out in full-scale war, obliterating a pact that had withstood the ...