BrokerageIndustry News

FTC settles antitrust charges with MiRealSource MLS

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The U.S. Federal Trade Commission this week announced a settlement with MiRealSource Multiple Listing Service in Michigan over rules that blocked some property listings from the MLS and set restrictions for other property listings based on the type of real estate contracts. MiRealSource is the sixth MLS to settle similar antitrust allegations brought by the FTC in October -- the federal agency is proceeding with an antitrust lawsuit against Realcomp II Ltd., another Michigan MLS, over its listings policies. In each of the cases, the federal government charged that the MLSs engaged in anticompetitive activity by placing restrictions on a category of property listings that could ultimately lead to reduced choices for consumers in real estate services. Representatives for MiRealSource, which is a broker-owned MLS with about 7,000 members, announced in November that the MLS had agreed to settle the FTC complaint, and the agreement was subject to review and approval by members of the FTC...