Industry News

Oxley calls for government examination of online listings

Requests study of IDX/VOW rules

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The chairman of the House Financial Services Committee has requested the federal government study the restrictions placed on Multiple Listing Services and their impact on home buyers. In a Thursday letter, chairman Michael Oxley (R-Ohio) formally requested the General Accounting Office assess and report on four main areas: how the residential real estate transaction is evolving as a result of electronic commerce; any barriers to greater use of electronic commerce in residential real estate transactions; how removal of those barriers could benefit both consumers and real estate professionals and how those changes could affect home ownership. "In particular, please review the role of multiple listing services," Oxley wrote. "The MLSs effectively are the residential real estate marketplaces...Today all, or virtually all, MLSs appear to provide information about homes for sale in electronic form, yet there appear to be significant limitations on the accessibility of this information. Plea...