JPMorgan sees NAR settlement as negative for Anywhere, Re/Max

JPMorgan believes the National Association of Realtors’ settlement agreement to pay $418M related to litigation and claims around broker commissions is incrementally negative for residential brokerage names like Anywhere Real Estate (HOUS) and Re/Max Holdings (RMAX). The agreement potentially puts sales pressure on these names, on top of the already muted level of housing activity right now, the analyst tells investors in a research note. The firm says it will have to be seen how mortgage lenders respond in the instance that commissions widely become the buyer’s responsibility.