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Article: GAO Study on Real Estate Brokerage Finds Internet Fosters Competition, Not Banks
- Article from:
- U.S. Newswire
- Article date:
- September 29, 2005
CopyrightCopyright 2005 U.S. Newswire. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON, Sept. 29 /U.S. Newswire/ -- A study by the General
Accountability Office (GAO) found that the Internet has increased
consumers' access to information and fostered the creation of
Internet-oriented real estate firms and that competition in the
industry is based more on non-price factors such as quality, level of
service and reputation.
The study, released yesterday by the Rep. Michael Oxley (R-Ohio),
chairman of the House Financial Services Committee, and Rep. Barney
Frank (D-Mass.), ranking minority member, also found that the effect
of state-chartered banks offering competitive brokerage services in
the 30 states where they are allowed to do so by law is "minimal" due
to the ...