And the Realtors have been only too happy to accept 6% of all those deals...they are the ones who kept prices rising....yet the lenders are blamed as the predators for finding new ways to help people afford these astronomically high home prices.
Blaming realtors is off the mark. For most realtors, they couldn't care less about 6% of some marginal amount squeezed out of a sales price.
For example, say your house sells quickly for $375,000 and yields a $22,500 commission (6%) for your realtor at closing. Do you really think that any realtor would prefer that you hold out for $400,000 (thereby costing your realtor time and marketing expenses, and risking her listing getting old and expiring) just so she can maybe pocket an extra (relatively) measly $1,500 (6% of $25,000) a few months down the line?
Here's a tip for home sellers: Your realtor wants you to demand as low a price as possible for your house. She wants her commission, and she wants it as soon as possible.