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- The National Association of Realtors said it'd reduce commissions as part of a $418 million settlement.
- Commission rates of 5% to 6% of a home's purchase price were previously standard.
- Cut commissions could lead to lower home prices but may force some agents out of the industry.
The entire real-estate industry could shift in homeowners' favor, thanks to a settlement by one of the most powerful groups of real-estate agents in the country.
In a wave of class-action lawsuits, homeowners have accused the National Association of Realtors of conspiring to rip off both buyers and sellers by charging unfairly high commissions.