The housing market is hot, hot, hot right now as home prices continue to soar in many markets to their highest prices ever. Since it doesn’t cost a real estate agent 10 times as much to sell a $1 million home as a $100,000 home, one would expect that the percentage fees for real estate agents would be falling. They aren’t. Why?
I started investigating the fees charged by the realtor industry some 15 years ago when I was an economics writer for the Wall Street Journal. I discovered that the real estate agents had created a de facto