Real Estate From The Trenches

What Happens If the NAR Settlement Gets Tossed? A Real Estate Industry Reckoning Could Follow

January 7, 2026

A new legal filing could blow a $1 billion hole in the National Association of Realtors’ (NAR) landmark settlement over buyer agent commissions, and set off a legal and financial chain reaction the industry hasn’t truly reckoned with.

Last week, Tanya Monestier, a law professor and class member in the Sitzer/Burnett case, filed her reply brief in the 8th Circuit Court of Appeals. Her aim? To convince the court to vacate the settlement that promised modest payouts to home sellers and minor rule tweaks by NAR. Based on her arguments, she may have a real shot.

DOJ Drops the Hammer on Realtor Commission Rules in Landmark Legal Filing

December 24, 2025

NAR Targets REALTOR Commissions - Antitrust Crackdown against NAR

On December 19th, the U.S. Department of Justice filed a 30-page Statement of Interest in the Davis v. Hanna Holdings case, and while it stops short of siding with either party, the DOJ made it clear where it stands on the broader issue of buyer agent commissions and the role of trade associations like the National Association of Realtors (NAR).

The DOJ is focused on promoting competition in real estate, and they argue that certain longstanding industry practices, particularly those driven by NAR rules and adopted through MLSs, may be keeping commissions artificially high and harming homebuyers. According to their filing, real estate broker commissions reached an estimated $170 billion in 2024, nearly 0.6% of U.S. GDP. That’s a staggering amount, and it’s part of why the DOJ says we need more scrutiny around how these commissions are structured and shared.

Investor-Owned Homes Hit 5-Year High, But It’s Not Who You Might Think

December 6, 2025

According to the Q2 2025 Investor Pulse™ Report from BatchData, investors accounted for 33% of all single-family home purchases in the U.S., the highest share in five years. That jump from 27% in Q1 might sound alarming to some, but the full picture is a bit more nuanced. Yes, investors bought one-third of the homes sold last quarter, but who those investors are, and what they’re buying, is the more important story.

Despite headlines often pointing fingers at Wall Street firms, it’s the “mom-and-pop” investors driving this trend. BatchData’s report shows that individuals owning one to five properties make up a staggering 87% of investor-owned single-family homes nationwide. When you include those holding up to 10 properties, that number jumps to 91%. The big institutions? They own just 2% of investor-held homes and have been net sellers for six quarters in a row. In Q2, they sold 5,801 homes while only buying 4,069.

Opening Up the MLS: Good for the Industry, Even if It Hurts at First

November 26, 2025

The National Association of REALTORS® just made a move that, frankly, they should have made a long time ago. By removing the requirement that MLSs only serve REALTORS®, NAR is no longer forcing agents into association membership just to get access to the MLS (though it was an “optional rule”, many MLS’s, if not most, throughout the country have adopted it). That might sound like a subtle policy tweak, but it could end up reshaping the entire structure of organized real estate.

For many MLSs, this change simply brings national policy in line with what they were already doing. CRMLS, Bright MLS, HAR, and several others have allowed non-REALTORS® to subscribe for years. Now others like SmartMLS in Connecticut and Doorify in North Carolina are following suit.

Zillow Lawsuit Explodes: RICO Allegations, New Plaintiffs, and a Much Bigger Problem Than Anyone Thought

November 20, 2025

Zillow Lawsuit Expands With Major New Allegations Including RESPA violations and violation of RICO law. Here’s What Buyers and Agents Should Know

Nine days ago I covered the first class action accusing Zillow of steering buyers toward Zillow Home Loans in exchange for giving certain agents more and better leadsZillow Hit with Class Action Over Alleged Kickbacks to Agents…Is Your Agent Steering You?). That was serious enough.

Now the lawsuit has been amended, and the claims are much bigger. More plaintiffs were added. More real estate companies were named. And the accusations now include RICO violations, which is the same federal law used against large, organized schemes.

Realtors Block Expanded Referral Fee Disclosure…A Win for Tradition or a Missed Chance at Transparency?

November 18, 2025

NAR Shoots Down Referral Fee Disclosure Rule: Transparency Takes a Hit

At a time when the National Association of Realtors (NAR) is under a microscope, and honestly, for good reason, you’d think transparency would be the one thing everyone could agree on. But at this week’s NAR NXT conference in Houston, a proposed change to the Code of Ethics that would have expanded referral fee disclosure requirements was shot down. Not by the NAR Board of Directors, mind you, they passed it by a strong 84 percent margin. It was the so-called Delegate Body, which had the final say, and they said no.

The proposal would have required Realtors to disclose all referral fees, including those from lead-gen platforms like Zillow and other “partners,” and to obtain written client consent when receiving any kind of rebate, profit, or compensation from referrals. Right now, the rules only require disclosure of commissions, leaving referral fees largely out of sight. The change would have closed that gap.

New Rule Would Shift Fair Lending Focus from Outcomes to Intent

November 13, 2025

CFPB wants to officially clarify that “ECOA does not provide that the ‘effects test’ applies for determining whether there is discrimination” – meaning disparate impact claims would no longer be recognized under the rule.

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would formally end the use of the “effects test” under the Equal Credit Opportunity Act (ECOA), effectively saying that ECOA does not authorize disparate impact claims. The proposed rule would remove language in Regulation B that has, for decades, opened the door for lenders to be held liable for policies that disproportionately affect protected groups—even if those policies are neutral on their face and not intended to discriminate. The CFPB is taking comments until December 15, 2025, and cited recent executive orders calling for an end to “illegal preferences and discrimination” and eliminating disparate-impact liability in federal enforcement.I think this change is long overdue. The disparate impact standard makes it nearly impossible to create a truly “safe” rule in lending. It puts lenders and financial institutions in a position where everything is subject to interpretation and the outcome matters more than the intent. That’s not just unfair, it’s unsustainable. A lender can have zero intent to discriminate and follow well-established, sound underwriting practices, yet still face legal trouble if their policy affects one group more than another. To me, intent isn’t hard to prove. We prove intent every day in criminal courts across the country. Some rules will inevitably impact certain groups more than others, but if the rule is based on legitimate, non-discriminatory criteria, that should be the...

Zillow Hit with Class Action Over Alleged Kickbacks to Agents…Is Your Agent Steering You?

November 11, 2025

Allegations of Illegal Steering and Kickbacks against Zillow- Class Action Lawsuit- RESPA Violation

A newly filed federal class action lawsuit alleges that Zillow has been quietly pressuring real estate agents to steer buyers toward Zillow Home Loans in exchange for receiving better buyer leads. If proven true, this practice could be a clear violation of federal law, and a serious breach of the fiduciary duties agents owe their clients.

The complaint, filed November 7th in the Western District of Washington, claims Zillow used its Premier Agent and Flex programs to condition agents’ lead access on meeting mortgage referral quotas. Agents who hit targets for sending buyers to Zillow’s in-house lender reportedly got more and better-quality leads. Those who didn’t risked being cut off. Meanwhile, consumers weren’t told any of this, many were funneled into ZHL thinking their agent was simply giving sound mortgage advice.

Buyer’s Markets Are Back: Where Home Shoppers Hold the Cards Again

November 10, 2025

Buyers Markets In the U.S. - Hottest Markets

Buyers Regain Leverage in More Markets—But Not Everywhere

It’s been a long time since homebuyers had the upper hand, but in some parts of the country, the tide is turning. According to a new report from Realtor.com, a growing number of major U.S. metros have crossed into buyer’s market territory, meaning supply has outpaced demand and buyers are finally in a position to negotiate again.

Still Chasing the Dream, But Paying the Price in Florida

November 9, 2025

Florida Home Prices - Floridians Fleeing Florida

The idea of the American Dream is still alive in Florida, but for many, it’s looking more like a high-priced subscription than a birthright. According to the latest survey from Florida Atlantic University’s Business and Economic Polling Initiative, 53% of Floridians still believe the American Dream holds true. Another 54% believe their kids will probably or definitely have a better life than they did. But that optimism is being tested, and in many cases, it’s starting to crack under the weight of housing costs, inflation, and day-to-day financial pressure.

Nearly half of Floridians say they’ve thought about leaving the state because of how expensive it’s become. Housing affordability is top of mind: 80% are worried about it, and 77% still consider owning a home part of the American Dream, but only 51% believe they could realistically buy one today. Between home prices, interest rates, and down payment hurdles, buying a home has gone from a milestone to a moonshot for many middle-income households. Nearly 8 in 10 respondents said it’s harder to buy a home now than just five years ago.

Welcome to Real Estate From The Trenches—practical, straight-talk insight for homeowners, investors, buyers & pros. 👋

Real Insights. No Fluff.Smarter decisions start here.

Get notified when we publish new content.It’s timely, tested, and written for real-world decisions—no hype.