$61 billion is how much home buyers paid in commissions to real estate agents, a 42 percent increase in only four years, according to East Bay Business Times.

Wayne Abernathy, executive directory of financial institutions policy for the American Bankers Association, feels that the National Association of Realtors has been effective in preventing banks and discount brokers from offering real estate services, thereby preventing competition in the marketplace.

The banking industry wants to get in on the action, but Congress has thus far sympathized with Realtors, blocking their entry into the market. However, the Executive Branch feels otherwise. Department of Justice sued the National Association of Realtors last month, contending the group is blocking the growth of Internet-based real estate services by allowing brokers to withhold their property listings from other brokers' Web sites. In addition, the Federal Trade Commission has urged states not to adopt laws that require real estate brokers to provide a minimum level of service.

Read the full article at East Bay Business Times