BrokerageIndustry News

FTC: Fewer real estate complaints

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Consumers filed 6,573 complaints about deceptive and misleading practices by real estate professionals with the Federal Trade Commission and other agencies in 2008, down 30 percent from the previous year. Although consumers are still filing more complaints about real estate professionals than they did at the tail end of the housing boom, a dramatic increase seen in 2007 seems to be waning. Consumers filed more than five times as many complaints about real estate professionals in 2007 (9,381) than they did in 2006 (1,804). Complaints about real estate professionals made up less than 1 percent of the 1.2 million complaints compiled in the Consumer Sentinel Network, a database that includes complaints on file with the FTC, the Internet Crime Complaint Center, Better Business Bureaus, the U.S. Postal Inspection Service, the Identity Theft Assistance Center, and the National Fraud Information Center, and others. On a list of 30 categories in an FTC report summarizing the latest...