GAO Asked To Conduct Study Of Real Estate Brokers.

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Finance

Finance.

House Financial Services Chairman Oxley and ranking member Barney Frank, D-Mass., have asked GAO to study price competition in the real estate brokerage market. In a letter released today, Oxley and Frank asked GAO to calculate the size of the market according to the number of real estate closings settled last year, the number of licensed real estate agents and the cumulative value of property sold last year. Pointing to a steady increase in home prices in many cities, the lawmakers asked GAO to compare rising housing prices with the rate of inflation over the past five years. They also asked GAO to determine whether real estate brokerage and settlement services by state-chartered depository institutions have had a negative impact on competition or consumers.