Industry News

Justice Dept. sues NAR for antitrust

Alleges new online listings policy undercuts competition

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The U.S. Justice Department today filed an antitrust lawsuit against the National Association of Realtors challenging its new policy for online property listings display.   The Justice Department's Antitrust Division has been investigating the Realtor trade group's policies for Internet listings over whether it has been restricting competition among real estate brokers.   The complaint accuses NAR of mandating a policy that obstructs real estate brokers who use innovative Web-based systems to offer lower costs to consumers.   "We believe the new ILD (Internet Listings Display) policy is fair, pro-consumer, pro-competitive and accommodates innovation," NAR said in a statement this morning. "After months of negotiations, we are at a loss to understand why the Department of Justice would bring a legal action. Many of the changes incorporated in the new policy are in direct response to concerns they have raised over the course of the two-year investigation." Moments befor...