Daily Real Estate News  |  March 28, 2005  |   GAO to Review Real Estate Competition U.S. House of Representatives Financial Services Committee Chairman Mike Oxley (R-Ohio) and Ranking Minority Member Barney Frank (D-Mass.) have requested the U.S. Government Accountability Office to study competition in the real estate industry. The lawmakers asked the GAO to report on the size of the U.S. residential real estate market, the number of closed transactions and total value of property sold last year, and the number of licensed real estate practitioners. They also asked GAO to compare the increase in housing prices with the rate of inflation over the past five years, and how and whether consumers benefit from competition in the residential real estate brokerage market. Additionally, they asked whether state-chartered depository institutions that engage in real estate brokerage and settlement services "have any negative effects on competition or consumers." Representatives of the National Association of REALTORSŪ will meet with GAO staff to provide information that aims to show that the real estate industry is one of the most competitive in the country, say NAR analysts. NAR information will also show that homeownership has grown to unprecedented levels and that real estate has sustained the economy for over a decade. To see a copy of the letter to GAO, click here. —NAR