The real estate industry is undergoing significant changes following a landmark $418 million settlement involving the National Association of Realtors (NAR) and several major brokerages. This settlement, which addresses long-standing issues related to real estate agent commissions, is expected to bring about greater price transparency and increased competition within the industry. However, opinions are divided on the potential impact of these changes. Some view it as a major victory that could lead to substantial savings for consumers by breaking what has been described as a 'Realtor cartel', potentially offering $100 billion in benefits over time. Others, including Moody's Analytics Chief Economist Mark Zandi, believe that while real estate commissions may decrease to 4%-5% over time, the actual savings for homebuyers might be less significant than anticipated. The settlement also forbids agents from setting their commissions via the Multiple Listing Service, a practice that has been criticized for lack of transparency. Amidst this backdrop, the President's FY25 budget proposes measures aimed at making home ownership more accessible, including a $10,000 tax credit for first-time homebuyers and initiatives to build and renovate over two million homes. The settlement's implications are being closely watched by over 1.5M realtors registered with the NAR.