real estate

Class action lawsuit could change how homes are bought, sold

Expert: Consequences already being felt in Arizona

Some experts say that a recent class action lawsuit out of Missouri has already changed the way the industry works in Arizona.

(Metro Creative Connection)

A federal jury last month in a Missouri class action lawsuit ruled the National Association of Realtors and other big real estate brokerages conspired to artificially inflate commissions.

Home sellers were awarded damages to the tune of $1.8 billion.

Many experts are calling this a landmark court case that will change the way homes are bought and sold in the U.S. In fact, some say the consequences have already arrived in the Arizona real estate market.

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