• July 27, 2024
• 1 second ago

Here’s why Zillow, Redfin and other real-estate stocks tanked after a jury ruling

Shares of real-estate names plunged Tuesday following a jury ruling that has the potential to shake up the way people purchase homes.

A Missouri jury earlier Tuesday deemed that the National Association of Realtors, HomeServices of America and Keller Williams colluded to inflate or maintain high commission rates. Jefferies analyst John Conaltuoni said in a note to clients that a judge could issue an injunction preventing commission sharing on MLSs, or multiple listing services, which would hurt the buyer-agent business.