Booker, Warren Call for FTC Investigation Into Online Real Estate Companies
The senators say undisclosed commissions, lender referrals and private listings may raise costs and limit competition for homebuyers.
- Senators Elizabeth Warren and Cory Booker urged the Federal Trade Commission to investigate anticompetitive and deceptive practices in online real estate, arguing major platforms distort homebuying transactions and hide costs from consumers.
- Rising housing costs prompted the demand for action, with National Association of Realtors data showing the median existing-home price now about $440,600 and median first-time homebuyer age of 40, straining younger buyers' finances.
- The senators identified three problematic practices: "contact agent" buttons hiding commission-sharing arrangements, referrals to lenders with undisclosed financial incentives, and private listings restricting access, leaving buyers unaware of true market options.
- Citing a prior FTC case where Zillow paid Redfin $100 million to suppress rental advertising competition, the senators highlighted potential abuses; Zillow responded that buyers remain free to choose their own agents and lenders.
- Earlier in June, Rep. Ben Cline, R-Va., asked FTC Chairman Andrew Ferguson to investigate similar online agent referral and mortgage lending practices, according to HousingWire, signaling broader congressional concern.
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Booker, Warren call for FTC investigation into online real estate companies
(The Center Square) – U.S. Sens. Cory Booker and Elizabeth Warren want the Federal Trade Commission to look at whether online real estate companies use deceptive practices that raise homebuying costs.
Senators Call For FTC Investigation Into Alleged Anti-Competitive Practices in Homebuying
Just two months after the Federal Trade Commission (FTC) settled its lawsuit with Zillow and Redfin over the two portals’ alleged anti-competitive agreement, two U.S. Senators have issued a new letter petitioning the organization to take aim at alleged anti-competitive practices on the home-buying side of portals. Senators Elizabeth Warren and Cory Booker penned the…
BREAKING: Senators Warren, Booker Call for FTC Investigation Into Real Estate Marketplace Practices
Lawmakers raise concerns about agent referrals, mortgage steering and private listings as scrutiny of Zillow, Compass and the online homebuying market intensifies. U.S. Senators Elizabeth Warren and Cory Booker have called on the Federal Trade Commission to investigate potentially anticompetitive and deceptive practices in the online residential real estate marketplace, raising new questions about how… Continue Reading BREAKING: Senators Warren,…
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