Antitrust Settlement Reached

The Feds and the NAR have reached a settlement:

The deal frees Internet brokers and other real-estate agents offering
heavily discounted commissions to operate on a level playing field with
traditional brokers by using the multiple listing services that are the
lifeblood of the industry, government officials said.

Great. But does the settlement really change much? Not really:

After the Justice Department sued the Realtors’ association in 2005, the
group suspended the exclusionary policy.

The NAR's dropped the policy three years ago. Even at that time, their were lots of discount and flat fee brokers out there on the net and even on the local MLS. I don't see how much has changed, atleast here locally.

Maybe now with the current housing downturn coupled with this settlement, we'll see greater price competition between brokers. Commissions have always been negotiable, but maybe now sellers will have more options, and brokers will be more flexible.

As for me, I am my own boss. I have always had flexibility with my commission rates. I'll even do a flat fee if the situation warrants. Just tell me what you need as the seller, and we'll work something out.

Counter-Productive?

From The Big Picture:

One of themes we've looked at over the years is the spin that some trade groups put out on top of their data releases. Some Trade Associations, like the ATA tonnage index, or the Home Builders Index, simply put out the straight dope -- an unvarnished, unblinking look at their industries, so their members can better make informed business decisions with the available data.
Other groups massage the data, spin the message, and try to present their info in the most positive light -- regardless of the underlying data. They seem to believe that if only the public believes things are okay, it will become a self-fulfilling prophecy.

Well knock me over with feather. Who'da thunk it?

H/T Insty, who has more.

At The Tipping Point?

A little good news from the National Association of Realtors:

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007.

Of course, one positive month does not make a trend, but are buyers ready to place their bets on an upswing?

The market was way past due for a correction, and we got that in spades. Unfortunately, while the prices have come down, buyers have gotten cold feet and even colder credit. The national mortgage crisis has dampened any rush on lower prices due to tightened credit, and sellers who can't get out from under their inflating payments are still succumbing to foreclosure. It will take some time for average buyers to feel confident enough to put their cash and credit on the line.

Further in the article, we find what region is dragging the national numbers down. It's the West of course. Yikes!

Existing-home sales in the West slipped 1.1 percent to an annual rate of 920,000 in February, and are 29.2 percent below a year ago. The median price in the West was $290,400, down 13.4 percent from February 2007.

If we have positive sales figures for March, I may become convinced that the we have seen the bottom of the recent market, and the only place to go is up. Regardless, if you have the resources to buy, now is a good time,especially if you plan on holding on to the property for a while. If you're someone who likes to flip houses and get a quick profit, good luck with that. I'll see you at auction. If you want to buy now while prices are low and hold on to it for a few years, then, well, I'll be happy to be your Broker down the road.

UPDATE: For a little old-fashioned optimism, head on over to Sacramento Land (ing). Sure to add a bit of cheer to your day.