Alleged anti-competitive practices of American real-estate brokers could be costing consumers as much as $70bn per year
decade has not been great for middlemen, who match buyers and sellers for a slice of the transaction value. Travel agents have had their margins crushed by flight-search and hotel-booking websites. Stockbrokers have been squeezed out by whizzy algorithms that carry out transactions for a fraction of the cost. Taxi dispatchers have been replaced by Uber and Lyft.
There is an exception, however. Even though there are plenty of sites, like Zillow and Redfin, which offer home-buyers in America the chance to search for properties, commission rates for real-estate brokers have not fallen much, staying close to 6% . Americans pay twice as much as people in most other developed markets, where similar sites have done much to depress residential-property transaction fees .This irks many.
But the market seems to think there is plenty to worry about. Many large real-estate brokerages are privately held, but the share price of Realogy, one of the brokerages named in the suit, has fallen by half since the end of April, just after news of the
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