Industry News

FTC ramps up actions against real estate

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The Federal Trade Commission today announced a "real estate competition sweep" that includes seven law enforcement actions. Jeff Schmidt, director of the FTC's Competition Bureau, will discuss the actions during a Thursday press conference, according to an announcement at the agency's Web site. The event will be held at the agency's Washington, D.C., headquarters. The announcement does not specify what types of actions the FTC is taking. Over the past few months, several multiple listing services have announced FTC investigations over MLS restrictions on some types of property listings. And earlier this year the National Association of Realtors announced 14 separate investigations focusing on MLS rules that prevent some property listings from reaching some Web sites. Several MLSs have changed those policies and announced resolution with the FTC while one MLS, RealComp II Ltd. in Michigan, has announced it is prepared to fight the FTC to keep its policies in place. Also, the FTC -- so...