REX calls out NAR for taking baby steps possible when Americans are forced to absorb dangerous levels of inflation.
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In September, REX Co-Founder and CEO Jack Ryan urged NAR to “showcase its new commitment to competition and to housing accessibility by making several changes such as rescinding its Segregation Rule, supporting rollbacks of anti-rebate rules,” among others. NAR, however, failed to consider changing various policies which currently prevent hundreds of thousands of Americans from achieving the American Dream of homeownership.
Today, REX Senior Vice President Michael Toth responded to NAR’s perfunctory changes by stating, “It’s shocking that a policy change is needed to allow homebuyers to see what they’re paying for. While NAR pats itself on the back for what it considers monumental reform, the reality is its actions were the smallest baby steps possible at a time when housing costs are at historically high levels and Americans are forced to absorb dangerous levels of inflation.”
Last month, the Justice Department pointed out in a legal filing related to its renewed investigation into NAR, “Recent technological advances have spurred innovation and price competition across other sectors of the economy. Yet real estate commissions have barely budged as a percentage of home prices and have actually increased as home prices have outpaced inflation. Even a modest injection of competition into real estate brokerage could save consumers billions of dollars per year.”
In addition to the twenty-part DOJ investigation, NAR is currently facing three private lawsuits, including one from REX, which challenge NAR’s mandatory commission rules. NAR’s attempt to dismiss all three cases were rejected and each case has been greenlit for discovery.
For media inquiries: contact Colin Maynard at [email protected].
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